The Bank of America reported a massive $2.2B Q3 loss as more people default on their mortgages and lines of credit as unemployment continues to rise
The U.S. second-largest bank, the Bank of America, has posted poor Q3 (July to Sept) 2009 earnings, posting a massive $2.2 billion (a loss of $0.26 per share) loss in the quarter.
Revenue was up 33-percent in Q3 to $26.04 billion, but the increased losses stemming from an increasing number of people defaulting on their mortgage and credit loans resulted in those two units losing more than $1 billion in the period.
