Free Market Evaluation - Send us your resume and we will give you free feedback
Allied Irish Bank Sues Citibank for Fraud
Allied Irish Bank Sues Citibank for Fraud
Record-Setting Settlement for Gulf of Mexico Oil Spill
Record-Setting Settlement for Gulf of Mexico Oil Spill
Beck’s Beer Loses False Advertising Suit, Beer Actually Brewed in the U.S.
Beck’s Beer Loses False Advertising Suit, Beer Actually Brewed in th...
General Electric to Sell Most of Its Fleet-Financing Business
General Electric to Sell Most of Its Fleet-Financing Business
Legal Job Listings
Download PDF

Second-Quarter Earnings for Bank of America Drop by 43 Percent View Count: 483

bankofamerica

The profit for Bank of America dropped by 43 percent in the second-quarter, mostly because of a large legal expense that overshadowed other positive results for the bank, according to The New York Times.

The bank had profits of $2.3 billion on revenue of $22 billion for the second-quarter. Brian T. Moynihan, the chief executive of the bank, said the following:

“The economy continues to strengthen, and our customers and clients are doing more business with us. Among other positive indicators, consumers are spending more, brokerage assets are up by double digits and our corporate clients are increasingly turning to us to help finance business expansion and merger activity.”

Get JD Journal in Your Mail
Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




The legal expense in the quarter totaled $4 billion.

Bank of America announced that it reached a settlement with the American International Group in the quarter of $650 million. The settlement was for mortgage securities litigation.

Bank of America has one major legal hurdle left; settling an investigation by the Justice Department. The investigation surrounds the bank’s involvement in selling defective mortgage securities prior to the financial crisis. Lawyers for the bank met with the Justice Department on Tuesday, but both sides are not close on a deal.

The bank also announced that its fixed-income trading revenue increased at a five percent clip from the same time last year.

Second-Quarter Earnings for Bank of America Drop by 43 Percent by

Tagged: , , , ,

Posted by on July 16, 2014. Filed under Business News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

 

 

Job of the Day
Accountant for Law Firm
USA-FL-Pensacola
Cutting-edge law firm seeks experienced Staff Accountant to join their team! This position offers job security, flexibility, work-life balance, and competitive salary. Candidates should have 7 to 1...


Apply now

Related Posts: