Bank of America swings to a loss
Bank of America Corp. swung to a fourth-quarter loss as credit-loss provisions nearly tripled, while the company showed why it needed further help from the federal government by saying Merrill's preliminary loss was $15.31 billion.
Bank of America Corp, the largest US bank by assets, posted its first loss since 1991 and cut the dividend after receiving emergency funds from the government to support the acquisition of Merrill Lynch & Co.