Bank of America Posts $8.8B Quarterly Loss

Bank of America – the largest bank in the U.S. – has recorded a record quarterly loss of $8.8 billion. The loss comes after the bank agreed to pay $8.5 bn to investors and insurers in the wake of the sub-prime mortgage scandal. Investors demanded the bank buy back “toxic” loans held in mortgage-backed securities that had been represented as investment grade instruments.

Source: BBC News

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