by Laura Conaway

Good morning, and welcome to the Friday news wrap-up.

Bank of America lost $2.24 billion in the third quarter, as defaults rise in its credit card, home loans and insurance lines. Outgoing chief Ken Lewis says he'll go without pay for 2009, though he still stands to get a pension of $53 million and $57million in bank stock.

Rep. Barney Frank's House Financial Services Committee approved new rules on derivatives trading, and carved out an exemption from Consumer Financial Protection Agency exams for 98 percent of the nation's financial institutions.

The federal stimulus program is creating jobs — mostly in states where employment is already low.

The eurozone opened a trade deficit in August after having a surplus in July. One factor is the relative strength of the euro, which makes European goods more expensive for the rest of the world.