BofA Shrinking Assets Puts $2.8 Billion Hole in Target
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Bank of America Corp.’s $33 billion of asset sales last year, designed to help meet international capital standards, may slice at least $2.8 billion from 2012 profit that the firm also needs to reach its target.
That’s probably more than the bank earned before taxes in all of 2011, a year marred by the worst quarterly loss for the Charlotte, North Carolina-based company. The amount, based on estimates compiled by Bloomberg, reflects the loss of income from divestments including a stake in a Chinese lender, a Canadian credit-card unit and an insurer of foreclosed homes.