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Bank of America reports first quarter loss of $276 million

Bank of America file photo

NEW YORK — Bank of America reported a quarterly loss Wednesday as legal costs hit the bank’s bottom line.

The nation’s second largest bank by assets reported a net loss of $276 million, or five cents per share, in the first three months of 2014. The company earned 10 cents per share in the same quarter last year.

The loss reflects $6 billion in litigation expenses tied to Bank of America’s recent settlement with the Federal Housing Finance Agency over mortgage-backed securities.

The bank announced the $9.5 billion settlement in March.

Excluding those charges, which totaled 40 cents a share, Bank of America earned 35 cents per share. That topped analysts’ expectations for earnings of 26 cents per share, according to FactSet.

Bank of America shares fell in premarket trading.

The results came amid a mixed quarter for the banking industry. JPMorgan’s earnings disappointed investors last week, but investors cheered results from Citigroup and Wells Fargo. Goldman Sachs and Morgan Stanley will report later this week.

3 comments

  • Terry

    If you were not such a ‘sheep’ you would realize the entire government and white house are crooks and they will blame others all day. Who do you think approves all these loans and comes up with DTI and LTV? The government and their programs do dummies…..Its not like any bank has one person who sits in an office and stamps who is approved or declined……wake up folks, this is only going to get worse for all banks who dont do what the government wants or gets to big of a company that they can topple the government if they wanted. Banks need to stick together since they are the only ones who have laws to abide by when you have the government making up stuff to cover their lies and then blame banks and or people for their shortcomings. You think all this money is paying people who were given BS loans, heck no!!!! All of this money should be covering the United States debt, but of course its only going to all these corrupt politicians and government employees pockets! How can a bank pay all this money in 3 months but yet still come out on top, but we see the US deficit only get worse? So where does all this settlement money go…and….why do we not get to see where all these billions are spent on since the US deficit isnt going down with this money? Is someone pocketing money in the government or white house? Who is lieing?

  • Frank Bravo

    Terry you are so right! People please Wake UP!!
    People is you want to know what is really going on look at usawatchdog.com, you will start to wake up. Greg Hunter is NC own.
    Get away from CNN, Fox news, CNBC and etc.

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