Bank of America posted a $2.2 billion loss last quarter after dividends, CNN Money reported.
The bank claims that the hit was mostly due to credit losses, and managed to total around 26 cents per share. The loss was worse than the average 12-15 cent drop which financial analysts had predicted earlier this year, although some had predicted as high as 21.
CEO Ken Lewis agreed almost exactly one day before the report to take neither bonuses or a salary for the year of 2009, as the Obama administration's "pay czar" had requested.
Last year at this time, the bank earned reported a $1.18 billion dollar profit. Since the financial crises, Bank of America has accepted $45 billion in government bailouts.
It is about time they start to clean up their act considering their huge bailout awarded. Goldman Sachs seems to be thriving at the moment, so we know it is possible!
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