Reply #5: BofA says credit environment remains difficult [View All]

[ozymandius]

CHARLOTTE, N.C. – Bank of America Corp. on Thursday reiterated that the current credit environment will remain difficult into next year, as unemployment is likely to continue to rise.

Brian Moynihan, head of the bank's consumer and small business banking units, told investors at the BancAnalysts Association of Boston Conference that Bank of America is starting to see some stabilization in the credit card business, but challenges remain.

The Charlotte, N.C.-based bank has about 53 million consumer and small business customers, making it vulnerable to delinquencies and defaults, yet also ready to thrive when the economy recovers.
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In the third-quarter, Bank of America lost more than $2.2 billion as loan losses kept rising, providing evidence that consumers are still struggling to pay their bills.

http://news.yahoo.com/s/ap/20091105/ap_on_bi_ge/us_bank_of_america_credit_card_business