Bank of America losses widen

City A.M. Reporter
Bank of America Corp, the largest US bank by assets, said its net its third quarter net loss quadrupled from a year ago, as the bank recorded a previously announced $10.4bn (£6.5bn) goodwill charge for its card businesses.

The bank reported a net loss of $7.3bn, or 77 cents per share, from a year-earlier loss of $2.2bn, or 26 cents per share.

Excluding the non-cash goodwill charge, the bank reported net income of $3.1bn, or 27 cents per share, beating analysts' forecast for 16 cents, according to Thomson Reuters