The banking giant has been slow to rebound and was the only major U.S. bank in the Fortune 500 to report an annual loss in 2010. The company turned a profit in the first two quarters, but swung into the red during the last half of the year.
The biggest blights on the company's results stemmed from its credit card and mortgage divisions, which both lost money in 2010 and together led to $12.4 billion in combined accounting charges during the year.
Bank of America is still hampered by its purchase of Countrywide, which the Charlotte, N.C.-based bank acquired at height of the financial crisis, inheriting a problematic mortgage business. The charge in the credit card division stemmed from changes in financial regulation that cut card fees. The company's $2.6 billion in litigation expenses -- mostly related to its mortgage unit -- also didn't help results.
NEXT: 6. AbitibiBowater
