Bank of America net sinks 95 percent

Bank of America Corp said on Tuesday quarterly profit sank 95 percent, hurt by more than $7 billion of losses tied to write-downs, poor trading decisions and mounting credit woes.

Fourth-quarter net income for the second-largest U.S. bank fell to $268 million, or 5 cents per share, from $5.26 billion, or $1.16, a year earlier.

Analysts' average forecast was a profit of 19 cents per share, according to Reuters Estimates.

Bank of America shares fell $2.46, or 6.8 percent, to $33.51 in pre-market trading.

Read Full Article from Reuters

- Posted: 2008-01-22 09:39:02

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