Asia Bizz: Bank Of America Topples Once More, Faces Huge Loss In The Third Quarter
The largest bank in America, if speaking in the terms of assets, the Bank of America, has managed to topple head over heals once again, as the bank’s third quarter loss has reached a new record. The third quarter loss almost quadrupled compared to last year, which is really a point of worry now.
One of the main reasons of the loss, is the announcement of the goodwill charge towards its card business in the US which was worth some $10.4 billion. The bank has disclosed that it has undergone a loss worth $7.7 billion in the third quarter or 77 cents a share. If the loss continues ahead, the Bank would be facing dissolution very soon.
The total net interest expenses of the bank is worth $26.9 billion, and it has made quite a small revenue worth $3.1 billion. The Bank of America’s share prices have fallen by almost 8% in the third quarter, which means there has been more than just credible loss in this financial institution.