Bank of America not Immune from Turmoil

Bank of America today reported larger-than-expected losses resulting from credit-related losses and poor investment banking returns.  The company, which was one of the few to not report massive write-down charges on their investment portfolios due to subprime mortgage performance prior to releasing earnings, surprised analysts by reporting a 32% drop in profit for the 3rd quarter. Analysts also questioned the company's efforts to boost loan loss reserves to further protect against further loan degradation and performance. From Reuters: "We knew the credit situation was going to be bad, but this was worse than expected," said Michael Mullaney, who helps invest $10 billion at Fiduciary Trust Co in Boston, which owns the bank's shares. "What causes us concern is the increase in reserves