Projo Biz Blog

Bank of America Corp. may post a $3.6 billion loss in the fourth quarter and slash its quarterly dividend, Citigroup analyst Keith Horowitz said this morning.

Bank of America is likely to post a loss of 75 cents a share, compared with an earlier estimate of a 2 cents-a-share profit, Horowitz said in a note to clients.

The Charlotte, North Carolina-based bank may also reduce its dividend to 5 cents-a-share from 32 cents, he added.

"Investors should be braced for a very challenging fourth quarter," Horowitz wrote.

Stock in Bank of America, the national bank that employs about 4,000 in Rhode island, closed Friday at $12.99 a share, off 55 cents a share.

 Tags  Bank of America Citigroup Keith Horowitz

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