BofA Posts $7.3 Billion Loss on New U.S. Rules
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Bank of America Corp., the largest U.S. lender, reported a $7.3 billion loss tied to new rules on consumer accounts and credit cards and said it’s fighting demands to buy back allegedly faulty loans.
The third quarter’s loss of 77 cents a diluted share widened from a loss of $1 billion, or 26 cents, a year earlier, according to a statement today from the Charlotte, North Carolina-based bank. Excluding a one-time writedown, the bank earned $3.1 billion, or 27 cents a share. The average estimate of 26 analysts surveyed by Bloomberg was 14 cents.