by Calculated Risk on 1/16/2009 08:16:00 AM

From the WSJ: Bank of America Swings to a Loss

Bank of America Corp. swung to a fourth-quarter loss as provisions for credit-losses nearly tripled, while the company showed why it needed further help from the government to support its acquisition of Merrill Lynch, whose preliminary loss was $15.31 billion.

And from the WSJ: Citigroup Posts Loss, Splits Up Company

Citigroup Inc. reported an $8.29 billion net loss for the fourth quarter, putting the year's red ink at $18.72 billion, as the company announced it will reorganize into two business lines focused on banking and other financial services.