Earnings roundup: Bank of America, Goldman Sachs

Earnings roundup: Bank of America posts $9.1B loss, Goldman Sachs profit more than doubles

Associated Press

Among the earnings stories for Tuesday, July 19, from The Associated Press:Top stories:-- Things keep getting worse for Bank of America. The nation's largest bank reported a loss of $9.1 billion during the second quarter, partly due to an $8.5 billion settlement with investors. That agreement, reached in June, settled claims that the bank had sold the investors poor-quality mortgage bonds.-- Goldman Sachs's earnings more than doubled in the second quarter, but a slump in its bond trading business kept its bottom-line results well below what analysts were expecting.Other stories:-- Wells Fargo & Co. said that its second-quarter profit rose 30 percent. The number of uncollected loans and credit card bills dropped sharply, enabling the bank to release a big chunk of the money set aside to cover bad lending.-- Online brokerage TD Ameritrade says economic uncertainty contributed to a 12 percent decline in its quarterly net income from last year's volatile period when the so-called "flash crash" contributed to heavy trading.-- Bank of New York Mellon Corp. said its second-quarter earnings rose nearly 12 percent, topping analysts' expectations, as fee revenue the trust bank makes from investment services climbed sharply.-- KeyCorp said its second-quarter earnings soared due to lower loan losses and expenses.

View Comments (0)