BofA, Wachovia post report bad 4Q earnings

CHARLOTTE — Charlotte-based Bank of America and Wachovia have reported fourth quarter earnings and they’re ugly.

Bank of America’s net income declined to $268 million, or five cents per share in the last three months of 2007.

That’s down in a big way from five-point-26 billion dollars a year ago.

Bank of America says its earnings were hurt by mounting credit losses and weak investment banking results. Much the same story at Wachovia, where fourth quarter earning were down 98 per cent from one year ago.

This morning state Rep. Danny McComas spoke at a North Carolina world trade association meeting. We asked him what kind of effect he thinks the state of the economy and global markets will have on North Carolina’s ports.

McComas said, “I think the economy, insofar as the ports, with the dollar as low as it is, it’s caused us to make American products that much more competitive, so we are exporting a fair amount, seeing ports north, south and here in Wilmington experiencing increase in exports.”