Citi, Bank of America post big losses

by Inquirer Online Desk, External or Unknown

Published Jan. 16, 2009, 8:12 a.m. ET

The morning has started with some dismal banking news. Here are two reports from Bloomberg:

. posted an $8.29 billion loss, twice as much as analysts expected, and said it will split in two under Chief Executive Officer Vikram Pandit’s plan to rebuild a capital base decimated by the credit crisis.

» READ MORE: Bank of America Corp.,

the largest U.S. bank by assets, posted its first loss since 1991 and cut the dividend to a penny after receiving emergency government funds to support the acquisition of Merrill Lynch & Co.

Meanwhile, a major local transaction was

» READ MORE: announced

yesteday:

Keating Building Corp., of Philadelphia, has agreed to be acquired by a larger builder, Massachusetts-based Perini Corp., for $43 million and a cut of future profit.