• Most Popular
  • Most Shared

Bank of America: Volatile market to hurt quarterly results

NEW YORK
Mon Sep 17, 2007 4:56pm EDT

Stocks

   

NEW YORK (Reuters) - Bank of America Corp (BAC.N) expects recent volatility in capital and credit markets to have a "meaningful impact" on third-quarter results at its corporate and investment bank, Chief Financial Officer Joe Price said on Monday.

Hot Stocks  |  Bonds  |  Funds News  |  Housing Market

Speaking at an investment conference sponsored by the bank, Price said results are being hurt as investors ascribe greater risk to a variety of loans and securities once considered safer, including "jumbo" prime home mortgages.

Bank of America's corporate and investment bank generated $3.12 billion of profit from January to June, about 28 percent of the $11.02 billion reported for the entire Charlotte, North Carolina-based company.

Shares of Bank of America fell 44 cents to $49.51 in late afternoon trading on the New York Stock Exchange. The bank is expected to report third-quarter results on October 18.

(Reporting by Jonathan Stempel)
Hot Stocks
Bonds
Funds News
Housing Market


More from Reuters

Joint Terminal Attack Controller SSgt Clinton J. Herbison, a U.S. Airman from the 817 Expeditionary Air Support Operations Squadron (EASOS) takes a break during a night mission near Honaker Miracle camp at the Pesh valley of Kunar Province August 12, 2009. Credit: REUTERS/Carlos Barria

Pictures of the Year

A look at the best photos of 2009.  Slideshow 

    PICTURES
    The Dalai Lama jokes with a nasal spray after being asked his opinion on the swine flu during a press conference after his first lecture in Lausanne, Switzerland, August 4, 2009. REUTERS/ Valentin Flauraud

    What a wacky year it's been...

    Um, what's up the Dalai Lama's nose? "Oddly Enough" editor Bob Basler rounds up the goofiest photos of the year.  Full Article 

    Oddly Enough
    A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
    Political Risk in 2010:

    Don't say we didn't warn you

    With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article 

    Global Markets