As expected, Bank of America Corp. reported a net loss of $8.8 billion in the second quarter, following an $8.5 billion mortgage settlement and related charges that wiped out profits, The Atlanta Business Chronicle reports.
Its loss per share was 90 cents.
Charlotte, N.C.-based BofA posted $3.1 billion in net income in the second quarter last year.
The bank is the third largest in metro Atlanta with 154 branches and $17.5 billion in local deposits.
BofA said aside from its mortgage losses, its other units combined for a $5.7 billion net profit. However, it had $14.5 billion in mortgage-related losses, including the settlement, a $1.5 billion mortgage business write-down and about $5 billion in extra reserves.
