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July 25, 2008 7:18:53 AM CDT

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Bank of America Posts 77% Dive on $6B in Writedowns

Posted Apr 21, 08 8:00 AM CDT in Business 

(Newser) – More than $6 billion in subprime writedowns sent Bank of America profits skidding for the third straight quarter today, as the nation's second-largest bank posted a 77% decline in net income for the first quarter. Earnings were $1.21 billion, down from $5.26 billion a year ago, reports Bloomberg. The losses exceeded analysts’ expectations by some 44% and sent market futures into a slide this morning. BofA—in the process of acquiring troubled home lender Countrywide Financial—said revenue slipped 6%.

Source Bloomberg

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Bank of America's chairman, president and CEO Kenneth Lewis.   (AP Photo/Sara D. Davis)
Bank of America's chairman, president and CEO Kenneth Lewis.   (AP Photo/Sara D. Davis)
(FILE) Bank Of America To Buy Countrywide Financial   (Getty Images (by Event))
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mortgage crisis  • corporate earnings  • Bank of America  • writedowns  • Countrywide Financial  • Kenneth Lewis


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