BofA’s ‘Brutal Honesty’ on Cost of Rules Hits Banks

Bank of America Corp. led financial stocks lower after saying U.S. curbs on debit-card fees may trigger a $10 billion charge, spurring speculation that rival banks have underestimated their own costs.

Bank of America, the largest U.S. bank, dropped 9.2 percent to $13.98, the biggest one-day decline since June 22, 2009. Citigroup Inc., Wells Fargo & Co. and Visa Inc., which runs the largest card-payment network, slid more than 5 percent. American Express Co. declined 4.7 percent.