BofA Profit Declines on $4 Billion Costs for Litigation
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Bank of America Corp., the second-biggest U.S. bank, said profit declined 43 percent as it spent $4 billion to cover litigation costs, including a mortgage settlement with American International Group Inc. Shares of the company fell as much as 2.4 percent.
Net income dropped to $2.29 billion in the second quarter, or 19 cents a share, from $4.01 billion, or 32 cents, a year earlier, the Charlotte, North Carolina-based lender said today in a statement.