Not exactly the most comforting quarterly report from BofA today. Profits are up thanks to the purchase of Merrill Lynch but a very cloudy future for the bank. With the bank "stress tests" due out later this week many have to wonder where this one will end up in the review.
Bank of America has received $45 billion of federal bailout money, and some analysts have said it may need even more capital.
"We continue to face extremely difficult challenges, primarily from deteriorating credit quality driven by weakness in the economy and growing unemployment," Lewis said in a statement.
In a conference call, Lewis also said that "credit is bad and will get worse," and that he wouldn't "hazard a guess when credit will improve."
