[Iran Press TV Latest] Bank of America has posted a hefty loss of USD 5.2 billion in the fourth quarter of 2009, blaming the loss on its decision to repay the bailout money it owed to the US government.
The biggest US bank said on Wednesday that returning funds from the federal government's Troubled Asset Relief Program (TARP) hurt profits by USD 4 billion in the fourth quarter.
Brian Moynihan, the bank's newly-appointed CEO, described the company's latest results as "disappointing," saying that the state of the US economy is a cause for concern.
"Economic conditions remain fragile and we expect high unemployment levels to continue, creating an ongoing drag on consumer spending and growth," he said in a statement carried by CNN.
The bank said it had repaid USD 25 billion in TARP funds in bailout funds in the fourth quarter.
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