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PPI: Bank of America reports $7.3bn loss

Bank of America (BofA), the biggest bank in the US, has reported a loss of $7.3 billion (£4.8 billion) for the third quarter of the year.

The firm suffered the major loss after being hit with a one-off charge of around $10 billion which is designed to reflect the lower value of its credit and debit card business when they are affected by upcoming regulations.

"We are adapting to the regulatory environment, credit quality continues to improve, and we are managing risk and building capital," said Brian Moynihan, BofA's chief executive,

"We are realistic about the near-challenges, and optimistic about the long-term opportunity."

The firm announced that it would not be increasing fees or overdraft charges in an attempt to claw back any profits, with BofA aiming to encourage more customers to invest in the bank.

Without the one-off charge, the financial report reveals that the bank actually made $3.1 billion in the third quarter, compared to a loss of $2.2 billion in 2009.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.ADNFCR-2776-ID-800124821-ADNFCR

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