(Adds CEO comments on Fed rate cut, China Construction Bank)
NEW YORK Dec 12 Bank of America Corp (BAC.N)
expects its fourth-quarter results to be disappointing due to
write-downs and lower trading revenue, Chief Executive Ken
Lewis said on Wednesday.
The company is likely to be profitable in the quarter but
expects to set aside $3.3 billion for losses and write-downs,
Lewis said at a conference.
Bank of America shares were down 78 cents, or 1.75 percent,
to $43.87 in early trading on the New York Stock Exchange.
"While we do not make a practice of forecasting quarterly
earnings, I think you certainly can assume results will again
be quite disappointing," Lewis said.
He said he personally would have preferred a half-point
rate cut by the Federal Reserve on Tuesday "because the capital
markets are still so fragile." The Fed cut the fed funds rate
by a quarter point.
Lewis said in response to analysts' questions that the bank
hopes to monetize some of its 9 percent stake in China
Construction Bank (0939.HK), starting in 2008, and was "talking
to the Chinese to see what level they would be comfortable with
(Reporting by Christian Plumb and Ed Leefeldt, editing by
Gerald E. McCormick and John Wallace)