The bank reported a net loss of US$1 billion, or 26 cents per share, for third quarter, compared with net income of US$1.18 billion, or 15 cents per share, in the same period last year at the height of the financial crisis.

Bank of America’s latest quarterly results come as US consumers, who compromise roughly 60 per cent of the bank’s loan portfolio –— from home mortgages to credit cards –— are showing signs of continued weakness.