BofA profit off 77% on $5 billion in loan-loss provisions

Bank of America's profit tanked a whopping 77% in the recently-closed quarter as the bank took on an additional $5 billion in credit-loss provisions. The company cited ongoing challenges to the consumer such as high debt, subprime mortgage-related issues and a faltering economy as reasons for concern for future quarters. Still the bank reaffirmed its plan to integrate Countrywide in to its operations in the 3rd quarter. The bank reported that retail loan originations were up 23% on lower financing costs. It appears that it's decision to focus 100% on retail after closing its wholesale branch paid off as the originations for the bank were the highest since 2003. It makes you wonder how long after integrating Countrywide will executives wait before they close Countrywide wholesale on a s