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Brian T. Moynihan

Bank Of America Shares Fall On Q1 Earnings Loss

Bank of America Corp. reported Wednesday its first-quarter net loss of $276 million, or 5 cents per share, compared with $1.5 billion, or 10 cents per share, in the same period the year before. Total net revenue net of interest expenses, on an fully taxable-equivalent (FTE) basis, was $22.77 billion, down from $23.41 billion in the prior year. Revenue net of interest expense was $22.57 billion, down from $23.20 billion, a year earlier. The firm reported a pretax litigation expense of $6 billion, or approximately 40 cents per share after tax in the quarter. The litigation expense is related to a previously announced settlement with the Federal Housing Finance Agency (FHFA) and additional reserves primarily for previously disclosed legacy mortgage-related matters, said the firm. Analysts expected Bank of America to earn 5 cents share on revenue of $22.32 billion, according to a survey by FactSet. "The cost of resolving more of our mortgage issues hurt our earnings this quarter," said Chi...

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