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Monday, September 17, 2007

BofA Warns of "unprecedented dislocations'"

by Calculated Risk on 9/17/2007 05:29:00 PM

From Bloomberg: Bank of America Sees `Meaningful Impact' From Turmoil (hat tip ShortCourage)

Bank of America Corp., the second- biggest U.S. bank, said ``unprecedented dislocations'' in credit markets will have a ``meaningful impact'' on third-quarter results at its corporate and investment bank.

Trading and other areas of Bank of America's capital markets and advisory services unit are ``being adversely affected by all of these conditions,'' Chief Financial Officer Joe Price told investors at a conference in San Francisco today. He cited stress on subprime mortgages and in the commercial paper market as being especially severe.

``These are quite challenging financial times, and I cannot remember when credit markets in particular have been as volatile and unpredictable as they have been for the last few months,'' Price said.
The confessional is now open.