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Credit crunch hammers Bank of America earnings

Staff Reporter 1 minute read

Bank of America has delivered a disappointing earnings announcement for the first quarter of 2008 of US$1.21 billion.

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The fall represented an enormous 77 per cent slump in earnings from the US$5.26 billion recorded a year earlier.

The bank attributed an almost US$5 billion annual rise in provisional expenses – a result of rising capital costs – to the disappointing result.

Published: 22-04-08

Credit crunch hammers Bank of America earnings
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