Bank of America Posts Quarterly Loss After Bailout
David Mildenberg and Linda Shen | Jan 16, 2009
(Bloomberg) -- Bank of America Corp., the largest U.S. bank by assets, posted its first loss since 1991 and cut the dividend to a penny after receiving emergency government funds to support the acquisition of Merrill Lynch & Co.
The fourth-quarter loss of $1.79 billion, or 48 cents a share, compared with net income of $268 million, or 5 cents, a year earlier, the Charlotte, North Carolina-based company said in a statement today. Results didn't include a $15.3 billion loss at Merrill, acquired this month.
The losses, coupled with the U.S. lifeline of $138 billion, put more pressure on Chief Executive Officer Kenneth D. Lewis [...]