Bank of America has now joined the club of big losers by announcing a 95% fall in profits for Q4 ! They put it down to...guess what ? rising credit losses.
Their net income dropped to$268m in Q4 when it was a whopping $5.26bn for the same period in 2006. Wachovia another US bank has also announced an incredible 98% drop in their Q4 profits.
Bank of America has had to provide $1.74bn to cover credit losses.
Recession? Don't be silly, Gordon Brown and George Bush say there isn't, so that must be right, mustn't it?
An irreverant look at the world we live in through the eyes of a debt recovery and enforcement specialist. I'll be looking at the key challenges of getting things done in business with one eye on credit, debt and outsourcing. With 18 years in the industry you think you've seen it all (but of course you haven't). I think I've learned that to stay ahead of the game you have to constantly re-invent the way we work and look at our world.
Andrew M Charlton MICM
Blog Archive
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2008
(83)
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January
(13)
- Down Down Deeper and Down
- Don't Panic Captain Mainwairing !
- Slashing Away
- Strike Two
- Getting Close to Home
- Wow, what a crunch !
- Using low cost legal services
- Metro Outlook - VODCast 1
- Staggering
- Eur going to love this.....
- Crunch is going to SQUEEEEZE you harder
- Where did this crunch come from ?
- CRUNCH !!!
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January
(13)
Will the credit crunch affect your debtors?
About Me
- Andrew
- I left school in the mid 80's after winning a Royal Air Force Officer Scholarship and a Flying Scholarship whilst still in the 6th Form, and graduated as a civil pilot at 17 years old. I joined a large law firm and entered the world of debt recovery and litigation and never left ! In January 2000, I joined top 100 law firm Ward Hadaway to lead their Collection Services Team. I have become a regular speaker on legal technology and business automation with engagements in San Francisco, Miami, New York, Dublin and Durban.
10 questions to ask your lawyers!
- Do you tell me all the ins and outs of what you can do for me online so I can decide what to do without having to wait for you to call me back?
- Do you have a town or city centre location with high overheads that increases the cost to me?
- Can you offer a seamless United Kingdom wide service with the same price anywhere and the same service levels everywhere?
- Do you have over 200 trained staff worldwide?
- Do you offer you a clear discount policy without you having to haggle and negotiate?
- Do you offer a no commission, no contract and no joining fee deal?
- Do you have published terms and conditions of business available for me to read BEFORE I want to engage you?
- Do you offer credit control letters and demand letters without me having to ask about them?
- Do you have a fully automated mailing house facility that is Quality Assured and British Standards accredited?
- Do you offer published fixed prices for all of your undefended collections work?
Great Credit Links
In The Pink
In The Pink
Northumbria University Graduation Ball
Organising Committee and Andrew on a stairway to success
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