BofA's $292 Million Charge Tied to Steinhoff Turmoil

Bank of America took a $2.9 billion charge related to tax reform. Bloomberg’s Yalman Onaran reports.(Source: Bloomberg)

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By Laura J Keller

January 17, 2018 at 11:53 AM UTC

Updated on

January 17, 2018 at 2:32 PM UTC

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Bank of America Corp. just joined a roster of big U.S. lenders suffering multimillion-dollar burns on their dealings linked to Steinhoff International Holdings NV.

Fourth-quarter earnings were crimped by a $292 million “single-name non-U.S. commercial charge-off,” the Charlotte, North Carolina-based company said Wednesday in a statement announcing results. The costs were incurred in two divisions: global markets and global banking.