BofA Profit Tumbles 43% on $4B Litigation Costs

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July 16 (Bloomberg) -- Bloomberg’s Erik Schatzker reviews second-quarter results from Bank of America as profit fell 43 percent on $4 billion of spending on litigation costs. He speaks on “In The Loop.”

Litigation costs.

Herewith a breakdown, erik schatzker.

What stood out for you?

More of the same from brian moynihan.

The man has been trying to put bofa i try to get beyond its legacy.

Mortgage costs not happening, four billion dollars a litigation expense, almost all of the four legacy mortgage related issues.

That brought profit down to 2.3 billion dollars for the quarter by 43%. there was a $650 million cost for a settlement with aig.

Let's look past mortgages and figure out how bofa is doing on its own relative to wall street.

The report card there is not so great, either.

Helps understand why shares are down.

Look at loan growth, for example.

. bofa's loan growth was -0.5%, contrast with positive loan growth for other wall street banks, including citigroup with 4.4% year-over-year.

Training resident, -- trading revenue, bofa fared a little better, not as bad as citigroup and as well as jpmorgan are golden.

On cost management, this has been a big issue for brian monahan.

It is the least efficient bank and spends most relative to revenue.

Noninterest expenses down to $ 13.1 billion.

Bofa cut its staff by 9%, more than 22,000 jobs.

Brian moynihan still has a lot of work to do.

Thank you so much, erik schatzker.

Staying with the big stories.

Rupert murdoch's offer to buy time warner.

What you must did for electric

This text has been automatically generated. It may not be 100% accurate.


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