Discussion in 'Trading' started by myminitrading, Sep 17, 2007.
Something to that effect.
Bank of America: Volatile market to hurt quarterly results
Monday September 17, 3:55 pm ET
NEW YORK (Reuters) - Bank of America Corp (NYSE:BAC - News) expects recent volatility in capital and credit markets to have a "meaningful impact" on third-quarter results at its corporate and investment bank, Chief Financial Officer Joe Price said on Monday.
Speaking at an investment conference sponsored by the bank, Price said results are being hurt as investors ascribe greater risk to a variety of loans and securities once considered safer, including "jumbo" prime home mortgages.
Bank of America's corporate and investment bank generated $3.12 billion of profit from January to June, about 28 percent of the $11.02 billion reported for the entire Charlotte, North Carolina-based company.
Shares of Bank of America fell 44 cents to $49.51 in late afternoon trading on the New York Stock Exchange. The bank is expected to report third-quarter results on October 18.
(Reporting by Jonathan Stempel)
Yep. So did Eturd.
I read somewhere a while back that BofA has a lot of exposure to commercial RE debt. I think that will be the next shoe to drop.
As a rule, bankers are some of the dumbest people out there. I know 'cause I've dealt with them for 20+ years. They tend to blow up about every 10 years or so.
the firms and deals blow up. The dealmakers(salesman) bank huge and move on. Sweet gig if u ask me. And not so dumb.
"expects recent volatility in capital and credit markets to have a "meaningful impact" on third-quarter results "
wtf does that mean by the way ? lol
I guess either:
A) Its too big and ugly a # to let out.
B) They have no idea how big the # will be by qtr end.
C) both A and B.
bank of the new world order didn't warn
It means, "Dear Ben - Here's some more ammo for a big, fat rate cut. Please use it."
I talked to a banker today who told me that the Fed was going to lower prime. He also added that LIBOR has little impact on our domestic economy.
Banks and mortgage companies turned into the car dealers of 20 years ago. The question I am asking myself now is "where will they surface next?"
If that banker said that the Fed was going to lower the Prime Rate he should be fired immediately.
Separate names with a comma.