Bank of America Claims $2.24B Loss

The Bank of America said today that it lost $2.24 billion in the third quarter on bad loans totaling almost $10 billion during the quarter ending in September.

“Obviously, credit costs remain high, and that is our major financial challenge going forward,” CEO Ken Lewis said in a statement accompanying the earnings report. “However, we are heartened by early positive signs, such as the leveling of delinquencies among our credit card numbers.”

Associated Press

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