Earnings anxiety worsens for Bank of America, others

Bank of America, joined by PNC and Wachovia, added to the 4Q earnings anxiety by announcing that losses would be even bigger than expected. Bank of America said last month it would take CDO-related writedowns of $3 billion in the quarter. CEO Ken Lewis said at the Goldman Sachs conference that the losses would be higher. The bank will likely be profitable at least. Wachovia doubled its estimate of loan loss provisions to about $1 billion for the fourth quarter, according to the AP. PNC said its loan loss reserve set aside will be twice as large as the third-quarter amount. The sad part is that the losses could be even higher than now expected.  

For more:
- here's an AP article

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