UPDATE:Bank Of America, Citi Wring Profits; Regionals Beware

NEW YORK (Dow Jones)--Bank of America Corp. (BAC) and Citigroup Inc. (C) both managed to squeeze out second-quarter profits amid stark signs of looming heavy losses from commercial loans.

The two mammoth banking firms were helped by solid revenue from trading and investment banking, and both also booked billions in income during the quarter by selling investment stakes and assets.

In fact, asset sales kept both banks in the black. Bank of America posted earnings of $3.2 billion on asset sales of $9.1 billion, link....