Bank of America posts heavy losses

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Mark Ralston
Agence France Presse
January 21, 2011

Bank of America, the biggest US bank, reported Friday a net loss of $1.2 billion for the fourth quarter, citing falling revenue and a hefty writedown on its home-loan business.

The loss was the second consecutive quarterly setback for the government-rescued bank, after a $7.3 billion loss in the third quarter.

For full-year 2010, Bank of America reported a net loss of $2.2 billion. The bank wrote off $12.4 billion in charges.

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