Bank of America Lowers European Risk, Led by Reduction in Spain
This article is for subscribers only.
Bank of America Corp., this year’s worst performer in the Dow Jones Industrial Average, said it lowered its risk tied to five European nations by $2.1 billion in the third quarter, led by reductions in Spain.
Sovereign and non-sovereign exposure to Greece, Ireland, Italy, Portugal and Spain declined to $14.6 billion on Sept. 30 from $16.7 billion three months earlier, the Charlotte, North Carolina-based lender said today in a financial supplement posted on its website. The amount at risk in Spain dropped to almost $4.5 billion from about $6 billion.