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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Fed cuts interest rates 3/4 of a point

Daniel Ray

In a surprise move that underscores the depth of recession fears, American central bankers cut a key interest rate by 3/4 of 1 percent.
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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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Suze Orman and TrustedID launch ID theft kit

Emily Crone

Suze Orman and TrustedID have teamed up to create a kit to stop identity theft before it happens.
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Concerned about privacy and security online? You’re not alone

Connie Prater

Do you feel your credit card information is safe when you shop online? Two newly released reports may give you reason to pause before you answer that question.
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