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Home > Credit Resource Center > Credit Headlines > Bank of America, National City and Citigroup Struggle with Recession

Bank of America, National City and Citigroup Struggle with Recession

Posted by: Desiree B. | Apr 22,2008

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A number of financial institutions have been in the news this week talking about their struggles with the recession. Bank of America reported that quarterly profits decreased by 77% and that the financial institution expects deep-pocket losses on loans this year. Meanwhile, National City is posed to receive $7 billion from an investment group to help the financial institution stay afloat during the recession. The credit headlines had a recent in-depth article on Citigroup, who will have to slash 9,000 jobs to stay in business.

Bank of America’s reports indicate that the company has more than $2.7 million in loan charge-off losses, a 90% increase from last year. B of A’s credit loss provisions skyrocketed from just over $1 billion to more than $6 billion. Meanwhile, National City’s first quarter net losses were $171 million- that’s down from a profit of more than $300 million last year. And analysts are cutting the 2008 outlook for Citigroup despite the cutbacks announced last week. Financial analysts are forecasting that the company will continue to bleed money from several major divisions throughout this year.

Financial institutions continue to struggle with the recession, and many of us are struggling just to get by. Get a low interest credit card or a balance transfer credit card to help ease your high interest debt now.