BofA expects to write down $7.6B in 2Q

BOSTON – Early reports on Bank of America’s second-quarter report indicate that the nation’s largest bank will write off $7.6 billion in uncollectible loans, according to Bloomberg News.
City a study by Credit Suisse, the bank’s bad debts will represent a 10 percent increase over the 2008 second quarter write-off, and will include $1.9 billion in home equity loans. In addition, more than 10 percent of credit-card loans will be written off, according to Boston Business Journal.
Bloomberg News said that the bank is expected to report earnings of 32 cents per share for the quarter, a decline from 72 cents per diluted share in the second quarter of 2008.
Bank of America Corp. (NYSE: BAC) is one of the world’s largest financial institutions with clients in 175 nations, including 98 percent of the U.S. Fortune 500 and 80 percent of the Fortune Global 500. In the U.S. alone, it serves more than 56 million consumers and small businesses via more than 5,700 retail offices and 17,000 ATMs. To learn more, visit www.BankofAmerica.com.