Bank of America posted its first quarterly loss in 17 years Friday and slashed its dividend, hours after winning a multibillion-dollar lifeline from the U.S. government to help absorb Merrill Lynch, which lost a record $15.31 billion in the quarter.
Bank of America, the largest U.S. bank, lost $1.79 billion, or 48 cents per share, in the fourth quarter, compared with a year-earlier profit of $268 million, or 5 cents. Net revenue increased 22 percent to $15.68 billion.
At Merrill, the loss was $9.62 per share, driven by significant writedowns of troubled assets.
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