Bank of America reported lower fourth-quarter profit compared to Wall Street expectations, hit by a $1.6 billion pretax charge related to the transition away from the London Interbank Offered Rate. Adjusted earnings per share were 70 cents versus estimates of 68 cents. Adjusted revenue was $22 billion. Net income fell over 50% to $3.1 billion from $7.1 billion a year ago. Results also included a $2.1 billion fee charged by the Federal Deposit Insurance Corp tied to bank failures. Bank of America stock is down over 1% year-to-date after a small 1.7% gain in 2023, underperforming the 10% rise in the S&P 500 financial sector.
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00:00 It's Benzinga and here's what's on the block.
00:02 Bank of America reported lower fourth quarter profit compared to Wall Street expectations
00:06 hit by a $1.6 billion pre-tax charge related to the transition away from the London interbank
00:11 offered rate. Adjusted earnings per share were 70 cents versus estimates of 68 cents.
00:16 Adjusted revenue was $22 billion and net income fell over 50% to $3.1 billion from $7.1 billion
00:22 a year ago. Results also included a $2.1 billion fee charged by the Federal Deposit Insurance
00:27 Corporation tied to bank failures. Bank of America stock is down over 1% year to date
00:32 after a small 1.7% gain in 2023 underperforming the 10% rise in the S&P 500 financial sector.
00:38 For all things money visit Benzinga.com