Bank of America Reports 3Q2010 Financial Results

Bank of America has reported financial results for the third quarter 2010. In its Global Card Services unit, the bank reported "a net loss of $9.9 billion due to the $10.4 billion goodwill impairment charge. Excluding this charge, Global Card Services would have reported net income of $529 million, compared to a net loss of $955 million a year ago. Revenue decreased $1.5 billion from a year ago, driven by lower average loans, reduced interest and fee income primarily resulting from the implementation of the CARD Act and the impact of recording a $592 million reserve related to future payment protection insurance claims in the U.K."