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Bank of America reports quarterly loss

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Bank of America reports quarterly loss

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Wall street giant Bank of America has reported a wider-than-expected quarterly loss of three point six billion euro. America’s largest bank has been hurt by still high loan losses and it’s repayment of US government bailout aid.

Morgan Stanley’s fourth quarter profits missed expectations as results were hampered by weak trading results and shares dipped one percent.

Wells Fargo, the fourth largest U.S.bank posted fourth quarter profit of one point nine billion euro. But the bank set aside three point four billion euro against loan losses in the fourth quarter that’s compared to just over five billion a year earlier.