Bank of America shares fall after company reports lower fourth-quarter profit, hit by regulatory charge
Publishing timestamp: 2024-01-12 10:38:50
Summary
Bank of America shares fell after the company reported declining fourth-quarter earnings due to hefty one-time charges. The bank was hit by a pretax charge of $1.6 billion related to the transition away from the London Interbank Offered Rate. The company's net income fell over 50% compared to the previous year. While the earnings per share exceeded expectations, the revenue fell short of Wall Street's estimates for the first time in two years. The bank also posted a provision for credit losses and saw a decrease in net interest income. Overall, Bank of America's performance was negatively impacted by the charges and underperformance in the financial sector.
Sentiment: NEGATIVE
Tickers: BAC,
Keywords: breaking news: business, bank of america corp, banks, earnings, wall street, breaking news: earnings, breaking news: markets, business news,
Source: https://www.cnbc.com/2024/01/12/bank-of-america-bac-earnings-4q-2023.html