Bank of America Corp., (NYSE: BAC) reported Tuesday that it swung to a second-quarter net loss of $8.8 billion, or 90 cents a share, from a profit of $3.1 billion, or 27 cents, in the year-earlier quarter. On an adjusted basis, the company earned 33 cents a share in the latest quarter. Revenue dropped 54% to $13.24 billion from $29.15 billion. Analysts, on average, expected the company to report a loss of 90 cents per share on revenue of $12.34 billion.
"Obviously, the solid performance in our underlying businesses continues to be clouded by the costs we are absorbing from our legacy mortgage issues," said Bank of America Chief Executive Officer Brian Moynihan. "But it is clear that -- from deposits to wealth management to investment banking -- our customers and clients are choosing to do more with us every day. We intend to continue our efforts to put the mortgage uncertainty behind us, build capital through the strength of the franchise, and deliver the returns for shareholders that we owe them."
Full Disclosure: None.