BoA Reports $7B Loss in 3rd Quarter
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BoA Reports $7B Loss in 3rd Quarter

Baku : Azerbaijan | Oct 19, 2010 at 8:38 AM PDT
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The largest U.S.-based bank, Bank of America, is reporting a $7.3 billion loss for July, August and September.

Bank of America is a privately owned firm, and managers say the loss came from setting aside money to cover the cost of complying with new rules on consumer accounts and credit cards. Aside from that charge, the bank had a profit on its third quarter operations.

Investment giant Goldman Sachs reported a net income of $1.7 billion for the quarter, which was less than the same time last year, but more than analysts predicted.

Tech giants Apple and IBM reported profits when they posted results late Monday.

However, Apple had lower sales than analysts had hoped and IBM’s outsourcing business did not do as well as analysts expected.

Elnur763 is based in Baku, Bakı, Azerbaijan, and is a Stringer on Allvoices.
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