Bank of America's Q3 profit falls 17% as fine hits earnings
6Yesterday 9:00 AM · 1d ago · 8 articles · 7 posts · 4 comments · 5 sources · development 6 of 6
Reporting third-quarter earnings a day after the fine, Bank of America posted $6.9 billion in profit, down about 17% year over year, with EPS of $0.91 versus the $1.08 it said it would have posted without the $1.2 billion charge, missing analyst forecasts of $1.10. Shares sank about 7.5% after the opening bell.
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Scott BessentU.S. Treasury SecretaryBank of AmericaFined institution, second-largest U.S. bankBernard MensahPresident of International, Bank of AmericaAlastair BorthwickCFO, Bank of AmericaFinCEN / OCC / OFACU.S. regulators (Treasury's Financial Crimes Enforcement Network, Office of the Comptroller of the Currency, Office of Foreign Assets Control)
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The U.S. Treasury Department said Tuesday that it's imposing $1.2 billion in fines on Bank of America for allegedly violating anti-money laundering and sanctions laws.
# BankOfAmerica is fined $1.21 billion for "money laundering and other illicit activity". Sounds like a lot, right? Now consider they are currently spending $6 billion a quarter on stock buybacks. That's $24 billion a year. This is not even a slap on the wrist, although it is the "third largest fine in US treasury’s history". Could we start…
If the people of this country could understand that we might finally see some change! But No! It’s all pervert orange man or sleepy Joe has dementia when it should be DC is not representing the people they only work for them, friends and corporations! Edit-themselves not them
They made more money off the bribe. Until “white collar” crimes aka predominately privileged, wyt, male crimes are prosecuted against individuals & results in real prison time - nothing will ever change. This is a systemic issue & the system is working perfectly.
Cmon man, use your brain. That math doesnt work, 5k a pop out of a billion only covers about 200K people. Its not even a small fraction. IMO, that 5K will never happen, just like everything else he has promised fir the American people
Scott Bessent U.S. Treasury SecretaryBank of America Fined institution, second-largest U.S. bankBernard Mensah President of International, Bank of AmericaAlastair Borthwick CFO, Bank of AmericaFinCEN / OCC / OFAC U.S. regulators (Treasury's Financial Crimes Enforcement Network, Office of the Comptroller of the Currency, Office of Foreign Assets Control)P