Bank of America Earnings

Bank of America's net fell 77% to $1.21 billion, or 23 cents a share, in the first quarter amid higher provisions for credit losses and at least $1.91 billion in write-downs. Net revenue fell 6.3% to $17 billion. The company had $1.31 billion in trading-related losses, which includes write-downs of $1.47 billion on collateralized-debt obligations and $439 million on leveraged loans. It increased its provision for credit losses to $6.01 billion from $1.24 billion amid rising credit costs in the home-equity, small-business and homebuilder portfolios.