Bank of America Corp. is selling assets to cover losses, and will have to write off more than one-tenth of its customers' debt from its Wilmington-based credit card arm, Bloomberg LP reports here. BofA, the largest U.S. lender, "faces a 10 percent jump in uncollectible loans to $7.6 billion when it reports second-quarter earnings," Bloomberg says, citing a report by Credit Suisse analyst Moshe Orenbuch, who's been tracking credit card spending, lending and loss since before they called it Visa.
"Bad debts included $1.9 billion tied to home equity, and about 10.4 percent of credit card loans will be written off... Bank of America, first in the nation by assets and deposits, will report a 32-cent-a-share profit for the quarter, including a $5.2 billion pretax gain from the sale of China Construction Bank Corp. shares... Excluding that gain and a $750 million assessment to bolster the Federal Deposit Insurance Corp.’s insurance fund, the bank probably lost 15 cents a share."
BofA employs around 6,000 people in Wilmington, where it bought the former MBNA America Bank when it was a lot larger and more profitable three years ago.
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