Bank of America posts heavy losses

From AFP:

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.

That amounted to a loss of 37 cents per share, compared to a loss of 29 cents per share in 2009.

In 2009 the bank had profit of $6.3 billion but for shareholders it was a loss of $2.2 billion following payments to the US Treasury stemming from bailout aid......read on