Bad day for US banking

Saturday 17 October 2009 00:00 BST

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

Bank of america yesterday showed that America's banking system is not yet out of the woods, slumping to a $1bn (£613m) third-quarter loss.

The bank was reporting just a day after Goldman Sachs generated fresh controversy after it said it made $3.2bn, with staff likely to pocket huge bonuses as a result.

Bank of America, which owns Merrill Lynch, was dragged down by rising losses from commercial and consumer loans.

While investment banking revenues helped to cushion the blow, the company took permanent losses on $9.6bn of bad debt which included mortgages, home equity loans, credit cards and loans tied to commercial real estate.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Stay up to date with notifications from The Independent

Thank you for registering

Bad day for US banking

Join our commenting forum

Thank you for registering