Goodwill Impairments Drive Fifth Third’s $2.2 Billion Loss

" Fifth Third Bancorp (FITB: 2.90 -27.32%) reported Thursday a net loss of $2.2 billion — or $3.94 per share — for all of 2008. These losses reflected a quarterly loss of $2.2 billion — or $3.82 per share — for the fourth quarter, a leap from the $81 million loss reported for the third quarter. These losses were “driven primarily by goodwill impairment, credit actions, higher credit costs and market valuation adjustments,” according to the earnings statement published by the bank."