Investment banking income was up 22% from the previous year's third quarter to $474 million. Revenue in capital markets and advisory services was hurt by $952 million in CDO-related charges, $327 million in leveraged loan and commercial mortgage writedowns and $190 million in losses on a commitment to buy back auction-rate securities from clients.
The company added almost $2 billion to the allowance for loan and lease losses during the quarter, mainly for consumer loans, including the unsecured consumer lending, credit-card and residential mortgage portfolios. Nonperforming assets were $13.36 billion or 1.42% of total loans, leases and foreclosed properties, compared with $9.75 billion, or 1.13%, at June 30 and $3.37 billion, or 0.43%, in the 2007 third quarter. Shares of Bank of America fell 6.6% in regular trading to $32.22 and lost another 7.6% in the after-hours market. Nobody ever made a dime by panicking, says Jim Cramer. Moneymaking opportunities exist despite the market turmoil. So where's a market master like Cramer putting his money these days? Check out his personal portfolio at Action Alerts PLUS. Take a free trial now.- Loading Comments...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,309.92 | 1,091.49 | 2,138.44 | 32.31 |
Oil *
77.12
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DOWN
154.48
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DOWN
19.14
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37.61
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0.48
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115.06
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