BofA posts $8.8 b loss

BofA posts $8.8 b loss

Bank of America Corp reported the biggest quarterly loss in its history, $8.8 billion, after more than $20 billion of charges linked to mortgages. The results were in the middle of the range the bank forecast in late June when it announced an $8.5 billion settlement with mortgage investors.

Tuesday’s quarterly results showed the bank’s general loan losses are improving, in line with competitors, but overall results were overwhelmed by mortgage losses.

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