Source Pravda.Ru

Bank of America CEO has bad forecasts for Q4 earnings

The fourth-quarter earnings will be “quite disappointing” and credit markets “will probably remain challenging into next year” said Bank of America Corp. Chief Executive Officer Kenneth Lewis

“You certainly can assume results will again be quite disappointing,” Lewis told investors at a conference in New York. The second-biggest bank by assets after Citigroup Inc. does expect to be profitable in the fourth quarter, he said.

Bank of America fell 2.4 percent in early New York trading, Bloomberg reports.

Bank of America is the largest commercial bank in the United States in terms of deposits, and the 2nd largest company of its kind in the world behind Citigroup.

Before 1998, the Bank of America organization that exists today was known as NationsBank and was previously known in earlier years as North Carolina National Bank before being abbreviated to "NCNB" as it branched out of its home base of Charlotte, North Carolina. In 1998, NationsBank acquired San Francisco-based BankAmerica and renamed the corporation "Bank of America".

As Pravda.Ru previously reported Dutch bank ABN Amro NV agreed to sell its U.S. bank, LaSalle, to Bank of America Corp.

The deal to sell LaSalle Bank is in conjunction with a separate transaction in which Britain's Barclays PLC would buy ABN for more than $80 billion (58.8 billion EUR), the Wall Street Journal reported Sunday on its Web site, citing unnamed people familiar with the transaction.

The boards of ABN and Barclays were meeting Sunday to finalize their deal, and an announcement could be made as early as Monday morning, although the situation remained fluid, the newspaper reported.

Source: agencies