BOFA REPORTS BIG LOSS IN TRADE.Byline: Daniel Dunaief Bloomberg Bloomberg A major global provider of 24-hour financial news and information including real-time and historic price data, financials data, trading news and analyst coverage, as well as general news and sports. News BankAmerica Corp. said its trading loss widened 50 percent to more than $330 million this quarter, as stocks and bonds in emerging markets tumbled. The biggest bank on the West Coast likely would report earnings for the third quarter of more than $410 million excluding one-time items, driven by gains in its consumer business, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. analysts who have spoken to the company. That's about half the $819 million BankAmerica reported in the same period last year. BankAmerica last month said it lost $220 million because of trading currencies and securities in emerging markets after Russia defaulted on its debt and devalued de·val·ue also de·val·u·ate v. de·val·ued also de·valu·at·ed, de·val·u·ing also de·val·u·at·ing, de·val·ues also de·val·u·ates v.tr. 1. To lessen or cancel the value of. the ruble. Investors are concerned that other banks, including Citicorp, Chase Manhattan Corp. and J.P. Morgan Morgan, American family of financiers and philanthropists. Junius Spencer Morgan, 1813–90, b. West Springfield, Mass., prospered at investment banking. & Co., also might report a second round of profit warnings. ``You're going to see other banks 'fess up,'' said Marshall Front, managing director of Trees Front Associates Inc. in Chicago, which oversees $1.3 billion. ``The numbers that I saw earlier really reflected the news in July and August. Now we're starting to see some indications about what September's numbers are going to be.'' BankAmerica shares fell $1 to $62.8125, while NationsBank Corp., which is expected to combine with BankAmerica at the end of the month in a $45.4 billion merger, fell 18.75 cents to $56.8125. Chase, which has fallen about 36 percent from its high in early July, rose $2.875 to $49.125 and Citicorp, which is down 42 percent from its high, rose $2.875 to $103.875. BankAmerica's profit for the quarter will include a one-time pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern gain of $480 million from the sale of BA Housing Services. The bank also is going to report a one-time charge of $200 million related to the write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of an investment in KorAm Bank in South Korea. The bank said it would earn more than $500 million before these charges and declined to comment on analyst estimates of profit from operations. ``It's just a reminder to us all that the difficulties in Asia persist,'' said Thomas Theurkauf, a bank analyst at Keefe, Bruyette & Woods Inc. in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . ``There remains a very challenging trading environment for these larger banking companies.'' BankAmerica's $330 million trading loss this quarter compares with trading income of $223 million in the third quarter last year. |
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