Chuck Burton, Associated Press
CHARLOTTE, N.C. — Bank of America said Wednesday that it swung to a loss in the first quarter, hurt by $6 billion in legal charges.
The Charlotte, N.C., bank reported a loss applicable to common shareholders of $514 million, compared with a profit of $1.11 billion a year earlier.
The loss amounted to 5 cents a share. A year earlier, the bank earned 10 cents a share.
Revenue totaled $22.66 billion after stripping out an accounting change. That was down 3.8 percent from last year.
The $6 billion legal expense stems from a previously announced settlement with the Federal Housing Finance Agency, and additional reserves for other mortgage-related matters.
The bank also said it reached a settlement with the Financial Guaranty Insurance Company, as well as separate settlements with The Bank of New York Mellon, over residential mortgage-backed securities.
The bank continues to slim down as a result of the financial crisis. The bank had 238,600 full-time employees this quarter, down from 262,800 employees from a year ago. It reduced the number of bank branches to 5,095, a 5 percent less than a year earlier.
Bank of America shares fell 35 cents, or 2 percent, to $16.04 in midday Wednesday trading.
- Feds: Utah companies accused of conducting...
- Mark Zuckerberg is taking two months...
- In time for the holidays, S.L. Comic Con...
- 5 Utah E. coli cases linked to Costco chicken...
- Salt Lake chef wins round in 'Holiday Baking...
- Man killed in Salt Lake industrial accident
- Final beam in place at U. health center in...
- Dog blood bank in desperate need of 'canine...
- Feds: Utah companies accused of... 17
- 5 ways you drive away millennial employees 14
- Pfizer, Allergan $160B deal forms... 6
- Utah liquor commission going slow on... 4
- 5 Utah E. coli cases linked to Costco... 2
- In time for the holidays, S.L. Comic... 2
- Utah jobless rate holds steady at 3.6... 1
- U.S. is the richest country, but... 1