TradingKey –Â Bank of America (NYSE: BAC) closed at $53.96 on October 13, down 1.14% prior to its third quarter report. A regulatory settlement after the close also creates an unexpected cost to an already difficult earnings environment.
NII and stable credit are being tested to offset decreased deal fees and increased costs from compliance. The results are expected to be released at approximately 6:45 a.m. E.T. on October 14.
Regulatory Settlement Adds a $1.2 Billion Charge
On October 13, the Treasury Department announced more than $1.21 billion in anti-money-laundering and sanctions enforcement actions. FinCEN assessed $1.2 billion, with credit for the OCC’s $750 million penalty. The two figures should not be added together. Separately,…
