Bank of America Expects Profit to Be `Disappointing' |
| Bloomberg - Dec 12, 2007 |
Bank of America Corp. Chief Executive Officer Kenneth Lewis said fourth-quarter earnings will be ``quite disappointing'' and credit markets ``will probably remain challenging into next year.''
``You certainly can assume results will again be quite disappointing,'' Lewis told investors at a conference in New York. The second-biggest bank by assets after Citigroup Inc. does expect to be profitable in the fourth quarter, he said.
Bank of America fell 2.4 percent in early New York trading. The company said last month it may need to write down $3 billion of debt securities in the fourth quarter that lost value because of defaults on subprime mortgages. Lewis said today the cost will be more than that.
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- Posted: 2007-12-12 09:42:47
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