BofA ‘Three-Ring Circus’ Posts Worst Showing in Dow Average
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Bank of America Corp. is this year’s worst performer in the Dow Jones Industrial Average as concern about mounting mortgage losses and a global economic slowdown weighed on the second-biggest U.S. lender.
The 58 percent decline erased almost $80 billion of shareholder value at Charlotte, North Carolina-based Bank of America. It’s the firm’s largest drop since a 66 percent plunge in 2008, when a U.S. bailout staved off a collapse. The bank also ended 2011 last in the Standard & Poor’s 500 Financials Index and the KBW Bank Index.