Bank of America posts first loss in 17 years
Bank of America Corp , posted its first quarterly loss in 17 years on Friday and slashed its dividend, hours after winning a multibillion-dollar lifeline from the US government to help absorb Merrill Lynch, which lost a record $15.31 billion in the quarter.
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.