Jan 17 Bank of America Corp on Thursday
reported its fourth-quarter profit fell from a year ago as it
took more charges to clean up mortgage-related problems stemming
from the financial crisis.
The second largest U.S. bank earned $700 million, or 3 cents
a share, in the quarter, compared with a profit of $2 billion,
or 15 cents per share, in the same period a year ago.
Bank of America said on Jan. 7 its fourth-quarter results
would include a litany of one-time items, including more than $5
billion in mortgage-related charges, a $1.3 billion tax benefit
and a $700 million charge related to the value of its debt.