Credit: Reuters/Fred Prouser
The logo of the Bank of America is pictured atop the Bank of America building in downtown Los Angeles November 17, 2011.
The Charlotte, North Carolina-based bank posted a net loss attributable to shareholders of $70 million, or 1 cent per share for the three months ended Sept. 30, compared with a year-earlier profit of $2.22 billion, or 20 cents per share.
Net income including preferred stock dividends fell to $168 million from $2.5 billion.
The bank agreed in August to pay a record $16.65 billion to resolve accusations that it misled investors into buying mortgage bonds that ended up going sour, resolving the bulk of its legal issues stemming from the financial crisis.
Analysts had expected the bank to post a loss of 9 cents per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported figure was comparable.
(Reporting by Tanya Agrawal and Peter Rudegeair; Editing By Ted Kerr)
Posted by Unknown on Wednesday, October 15, 2014 - Rating: 4.5
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