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.
(Published 19 July 2011, 15:02 IST)
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