Detail Strife of Brian; Bank Of America   Oleh:  [s.n] Jenis: Article from Bulletin/Magazine Dalam koleksi: The Economist (http://search.proquest.com/) vol. 400 no. 8751 (Sep. 2011), page 69-71. Topik: Banks; Financial Performance; Settlements & Damages; Investment Banking Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.68 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel Five out of six of Bank of America's divisions are doing well, said Brian Moynihan, the company's chief executive in a closely scrutinised presentation on September 12th. In other circumstances that might be a source of cheer--in the second quarter alone the quintet collectively earned almost $6 billion. Sadly for Mr Moynihan and his beleaguered bank, that one problem division packs quite a wallop. The losses from the bank's mortgage operations are not just vast, they are literally incalculable. Since the start of the fourth quarter of last year the bank has written off more than $30 billion in future provisions, legal settlements and other losses relating to their mortgage exposures, according to a tally by CLSA, a broker. Were that the full extent of the damage, Mr Moynihan's words would now be received with the bored nods that accompany success. Instead, Bank of America's shares trade at one-third of book value, reflecting concern that total losses are a long way from being recognised. A brief pop in its share price following the announcement of a $5 billion investment by Warren Buffett on August 25th has quickly dissipated. The bank's big problem is litigation stemming from America's mortgage fiasco. This risk is not unique to BofA but it is unusually severe. The lawsuits fester in three different categories. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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