FleetBoston to Take $650-Million Charge
Bloomberg News
FleetBoston Financial Corp., the seventh-largest U.S. bank, said fourth-quarter earnings will be reduced by $650 million as it writes down investments in technology companies and loans to Argentina and Enron Corp.
The bank said the losses will bring earnings to $30 million, or 3 cents a share. Analysts were expecting 60 cents a share.
In the second quarter, FleetBoston wrote down $450 million before taxes.
With an additional $475 million this quarter, the bank has written down more than half its investment in technology and telecommunications companies.
FleetBoston shares rose 89 cents to close at $38.64 on the New York Stock Exchange.
