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OCTOBER 7, 2008

BofA Cuts Dividend, Posts Lower Profit

Banking Woes Hit Consumer Giant; Stock Sale Planned

Article
Comments

Bank of America Corp., the consumer banking giant whose nationwide base of depositors has helped stabilize it through the current banking crisis, slashed its quarterly dividend and announced plans to raise $10 billion in new capital as it conceded that "recessionary conditions" are sending tremors though the bank.

The troubles hint at a horrific earnings season and show how much the deepening woes of consumers are weighing on the nation's biggest retail bank as it grapples with rising delinquencies in everything from mortgages to credit cards to small business loans.

As it turns out, even Bank of America's heft and ...