Bank of America proved it was not invulnerable to the credit crunch as it reported a steep decline in earnings on Monday, and announced plans to bulk up on capital by slashing its dividend in half and raising $10 billion through a stock sale.
Making the surprise announcement just after the closing bell, the Charlotte, N.C.-based bank said its third-quarter net income fell to $1.18 billion, or 15 cents a share, down 68% from $3.7 billion, or 82 cents a share, a year ago.
