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Bank of America takes 3Q14 charge, adjusts results.

BANKING AND CREDIT NEWS-November 11, 2014--Bank of America takes 3Q14 charge, adjusts results


11 November 2014 -- North Carolina US-based Bank of America Corp (NYSE: BAC) has announced an adjustment to its financial results for 3Q14 to include additional litigation expense related to its foreign exchange business.

Subsequent to the company's earnings announcement on October 15, and prior to the filing of the company's quarterly report on form 10-Q for 3Q14, the company has been engaged in separate advanced discussions with certain US banking regulatory agencies to resolve matters related to its foreign exchange business.

As a result of those discussions, the company recorded a USD 400m non-deductible charge and adjusted its third-quarter 2014 financial results to a net loss of USD 232m or USD (0.04) per share.

There can be no assurance as to the ultimate outcome of these matters, it said. The company's quarterly report on form 10-Q will reflect the adjustment.

Bank of America serves approximately 48m consumer and small business relationships with approximately 4,900 retail banking offices and approximately 15,700 ATMs and online banking with 31m active users and more than 16m mobile users.

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Publication:M2 Banking & Credit News (BCN)
Date:Nov 11, 2014
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