Bank of America reports 2Q loss of $9.1 billion; investors worry about its financial strength
Pallavi Gogoi, AP Business Writer, On Tuesday July 19, 2011, 1:28 pm EDT
NEW YORK (AP) — Things keep getting worse for Bank of America.
On Tuesday, the nation’s largest bank reported a loss of $9.1billion during the second quarter, partly due to an $8.5 billion settlement with investors. That agreement, reached in June, settled claims that the bank had sold the investors poor-quality mortgage bonds. The bank had already announced several other settlements this year. The total so far to settle investor claims: $12.7 billion.
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