Bank of America Merrill Lynch (BAML) has announced it lost $1.2 billion over the course of the fourth quarter, 2010.
The US bank says the loss was due to a $2 billion “goodwill impairment” charge paid on its home loans and insurance segments. Otherwise it would have reported profits of $756 million.
Goodwill is an intangible asset included on balance sheets to cover assets that cannot be physically assessed, for example, a strong brand name or customer relations. The impairment is a reflection o