Analyst says BofA may incur $12 billion charge

07/21/2009 | CNBC

Jefferson Harralson, an analyst with Keefe, Bruyette & Woods, wrote that Bank of America may incur a pretax charge of $12 billion in the first quarter of next year. The charge relates to billions of dollars worth of home-equity securitizations, credit card receivables and asset-backed conduits. "When these assets move on the balance sheet, Bank of America will most likely have to build a substantial amount of reserves for losses on these assets," Harralson wrote.

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