BofA posts $1.2bn loss but Merrill performs

first_img Show Comments ▼ Friday 21 January 2011 8:06 am alison.lock by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For Bank of America, the largest US bank by assets, reported a second straight quarterly loss, driven by a $2bn (£1.25bn) writedown of its mortgage business.The bank posted a fourth-quarter net loss of $1.2bn, or 16 cents a share, compared with a loss of $5.2bn, or 60 cents a share, a year earlier.But shrugging off reports that its investment banking arm, BofA Merrill Lynch, was underperforming relative to peers, it said data firm Dealogic ranked it second worldwide for global investment banking revenues, with a 6.8 per cent market share. “The company ended the year with No. 1 positions in both global and US rankings in leveraged loans and asset-backed securities,” it said in a statement.“Bank of America Merrill Lynch participated in eight of the top ten investment banking deals of the year by fees and six of the top ten investment banking deals in the fourth quarter by fees.”The bank’s global banking and markets unit, which includes Merrill Lynch’s former investment bank operations, reported quarterly profit of $724m.Higher asset balances, plus a growing sense of optimism among investors, helped drive Merrill’s revenue up 13 per cent to $3.55bn from the year-ago period.Asset and wealth management fees also set a new record in the quarter, and the bank held $644bn in assets under management at 31 December, 2010.Excluding the mortgage business writedown, the bank earned $756m, or four cents per share. Deposits rose to a record $1trn by the end of 2010, it said.Last year’s results included a one-time Troubled Asset Relief Program-related charge of $4bn.“Last year was a necessary repair and rebuilding year,” said President and Chief Executive Officer Brian Moynihan. “Our results reflect the progress we are making at putting legacy – primarily mortgage-related – issues behind us.” More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comRussell Wilson, AOC among many voicing support for Naomi whatsappcenter_img Share Tags: NULL BofA posts $1.2bn loss but Merrill performs whatsapplast_img read more