Monday, April 20, 2009

BoA's Lewis Says Credit is Bad and Getting Worse

From MarketWatch:
"Credit is bad and we believe credit is going to get worse before it will eventually stabilize and improve," Lewis said during a conference call with investors. "Whether that turn is later this year or in the first half of 2010, I'm not going to hazard a guess."
"From an economic standpoint we believe we can see weak but positive GDP growth by the fourth quarter this year," he said. "I have to say that even our internal economists are a little at odds as to the timing with some seeing recovery earlier. However, we think it prudent to run the company under an expectation it will be later in the year or early next year. We believe unemployment levels won't peak until next year at somewhere in the high single digits."