BofA, Wells Fargo Brighten Forecasts As Bad Loans Rise

Bank of America Corp. (BAC) and Wells Fargo & Co. (WFC) each set aside less money for bad loans in the fourth quarter, signaling improved forecasts for consumers' financial health, even though bad loans at both big banks continued to rise.

The two lenders' lighter provisions--or costs to offset current and future loan losses--helped each to improve its earnings during the fourth quarter.

Charlotte-based Bank of America, now led by a new chief executive, lost $194 million in the quarter before counting a $4 billion charge it swallowed to refund the U.S. Treasury's crisis-hour investment in the bank. Wells Fargo, San Francisco, earned $2.8 billion before counting its own $2.2 billion charge for re-paying U.S. taxpayers.

Read Full Article from Wall Street Journal

- Posted: 2010-01-20 11:05:56

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