Bank of America report $2.2 billion net loss for 2009

America’s biggest financial Bank, the Bank of America (BoA) has made a $2.2 billion net loss for 2009 after counting the cost of repaying a $45 billion bailout to the US Government.

BoA has also been pushed into red by credit card liabilities bankruptcies soared and cardholders struggled to find the money to repay their debt. However on the flip side good times seem to be back on Wall Street as Bank of America’s global markets division, moved from a $4.9bn loss to a $7.2bn surplus.

Brian Moynihan the chief executive of the bank said there were “positive indications on the horizon,” however he went on to add “economic conditions remain fragile.” The Bank has certainly found itself in a series of controversies over the past 12 months over its ambitious acquisitions of Merrill Lynch, not to mention the struggling sub-prime mortgage lender, Countrywide Financial.

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