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Category Archives: Living with credit

Bank of America’s Q4 profit tumbles

Jeremy Simon

Bank of America announced that its fourth-quarter net income tumbled amid problems in the capital markets and a slowdown in the U.S. economy. Among the main reasons for the earnings decline, BofA said its provision expense rose $1.74 billion, “largely due to a $1.33 billion addition to the reserve for credit losses.” Additionally, net charge-offs (loans the bank thinks it will be unable to collect) increased to 0.91% from 0.82% a year earlier.
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WaMu expects surge in ’08 credit card losses

Jeremy Simon

Washington Mutual announced late yesterday that it suffered a fourth-quarter net loss, stemming from trouble in the housing market, and warned that it anticipates a surge in credit card losses for 2008
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Buy Less Live More for Lent

Connie Prater

What are you giving up for Lent? The Methodist Church of Britain urges followers to give up credit cards.
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J.P. Morgan Chase, Wells Fargo earnings slip

Jeremy Simon

In the latest earnings announcements from major U.S. credit card issuers, both J.P. Morgan Chase and Wells Fargo said their net income declined in the fourth quarter, even as both banks appeared to avoid the full impact of the subprime meltdown.
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Citi suffers loss on writedowns, credit costs

Jeremy Simon

Citigroup reported a fourth-quarter net loss of $9.83 billion on subprime-related writedowns and a spike in U.S. consumer credit costs.
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