B of A: Credit Quality Deterioration Accelerates

Bank of America announced plans to cut its dividend 50% and raise $10 billion through a stock offering, as it posted sharply lower profit for the period. The company said it added nearly $2 billion to its allowance for loan and lease losses, mostly for consumer loans, including unsecured consumer lending, credit card and residential mortgage portfolios. Here is Bank of America’s commentary on credit quality from today’s announcement:…
Original Source: feeds.wsjonline.com

  6 Octubre, 2008| Economy | @ 16:37

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