Sharp Losses at Bank Of America, Citi Group

Trupti Mehta
16 Jan, 2009
New York City

Bank of America Corporation fourth quarter revenues increased 22.5% to $15.68 billion and net loss was $1.79 billion or 48 cents a share. Citigroup Inc fourth quarter revenues fell 13% to $5.6 billion and net loss was $8.29 billion or $1.72 a share.

[R]8:30AM New York - Bank of America Corporation revenue increased 22.5% and net loss was $1.79 billion. Citigroup Inc revenue fell 13% and net loss was $8.29 billion. Johnson Controls, Inc revenue fell 23.5% and net loss was $608 million.[/R]

Bank of America Corporation, a bank company reported fourth quarter revenues increased 22.5% to $15.68 billion from $12.80 billion a year ago. Net loss in the quarter was $1.79 billion or 48 cents per diluted share compared to net income of $268 million or 5 cents per share a year ago.

Fiscal 2008 revenues rose 9% to $72.78 billion from $66.83 billion a year ago. Net loss in the year was $4.01 billion or 55 cents per diluted share compared to net income of $14.98 billion or $3.30 per share a year ago.

Bank of America Corporation ((BAC)) in the last one year traded as high as $45.08 in May 2008 and as low as $7.35 in November 2008. Based on the yesterday''s closing price of $8.32 the company has market cap of $41.75 billion.

Citigroup Inc, a diversified global financial services company reported fourth quarter revenues fell 13% to $5.6 billion from $6.4 billion a year ago. Net loss in the quarter was $8.29 billion or $1.72 per diluted share compared to net loss of $9.8 billion or $1.99 per share a year ago.

Fiscal 2008 revenues declined 33% to $52.8 billion from $78.5 billion a year ago. Net loss in the year was $18.72 billion or $3.88 per diluted share compared to net income of $3.61 billion or 72 cents per share a year ago.

Citigroup Inc ((C)) in the last one year traded as high as $29.73 in February 2008 and as low as $3.05 in January 2009. Based on the yesterday''s closing price of $3.83 the company has market cap of $20.87 billion.

Johnson Controls, Inc, provides automotive interiors products and services reported first quarter revenues fell 23.5% to $7.3 billion from $9.5 billion a year ago. Net loss in the quarter was $608 million or $1.02 per diluted share compared to net income of $235 million or 39 cents per share a year ago.

Johnson Controls, Inc ((JCI)) in the last one year traded as high as $36.49 in May 2008 and as low as $13.65 in November 2008. Based on the yesterday''s closing price of $17.07 the company has market cap of $10.14 billion.