Bank of America , the second largest bank in US is facing huge losses that amount up-to $2.2 billion.The third quarter losses believed to have been taken place due anomaly in consumer loans. according to the sources $ 1.24 billion has been accounted for loss which piles up-to 26% on every share.The analysts say that this was one of the biggest and the worst prediction any bank could face.

The bank has given around $10 billion of loan during the months of July and September.Every bank receives finding from the financial stimulus package of US treasury.The bank of America added $2.1 billion from that to cover up its bad loans sector.Now the loss stacks up-to $11.7 billion in total.

Chief executive officer of bank of America said that the losses from the loans sector will continue to rise.He said “Based on economic scenario, results in the fourth quarter are expected to continue to be challenging as we close the year, Obviously credit costs remain high, and that is our major financial challenge going forward”.He continues with the analysts and said “However, we are heartened by early positive signs, such as the leveling of delinquencies among our credit card numbers”.

The analysts predict that the Bank of America is very vulnerable and could be worst hit by the sky rocketing losses and unemployment.According to the sources the jobless rate rose 9.8 per cent from last month.The bank has almost 53 million consumers , which means that it is in danger of receiving a set back when dealing with consumer payments in the present crisis hit economic situation.

General Electric of GE Capital business said that, there was 87% drop in profits which include the credit card section, as the consumers struggled to pay their credit bills and mortgage debts.