Bank Of America Says Q3 Results Will Include Non-Tax-Deductible Charge Of $1.2B Impacting Net Income By About $0.17 Per Share; Our Team Is Far Along With & Committed To Completing Work Required To Address Issues Raised By Our Regulators; Dedicated Substantial Personnel & Resources To Ongoing Remediation Efforts, & Those Costs Are In Current Expense BASE
-Reuters Citing Spokesperson.
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Why It Matters
Bank of America will take a $1.2 billion charge this quarter. This is a penalty for fixing regulatory issues, and it will reduce profits.
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Source: Benzinga · Read the original report at the publisher. Headline and figures shown for context; data may be delayed.
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