Bank of America (NYSE: BAC) reported a Q2 loss of $8billion or $0.90 per share. Last month, the company forecast that it would lose between $0.88 to $0.93 per share. Excluding 1 time items, the bank earned $0.33 per share. Revenue came in at $13.24 billion, above the $12 billion expected by analysts. The large loss however is sending the stock price down to lows not seen for some time. BAC now has a market capitalization of $97 billion, a meagre amount for the patriotic bank. Even Citigroup (NYSE: C) has a larger market cap than BAC of $110 billion.
BAC is down $0.15 of 1.5% to $9.57 per share despite the fact that investors were expecting this dismal news. Investors have given up on the stock, sending it lower day by day. With all of the bank regulation that may be put in place, there is sadly no end in sight for America's bank.
