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BofA Posts 1Q Loss

Bank of America (NYSE:BAC) swung to a loss in the first quarter, as a $6 billion litigation charge weighed on the bank's earnings.The company said Wednesday it booked a loss of $276 million, or five cents a share, versus a year-ago profit of $1.48 billion, or 10 cents a share. The latest period included a charge of 21 cents a share related to Bank of America's settlement over mortgage-backed securities, plus 19 cents in charges tied to legacy mortgage issues.Excluding all one-time items except the settlement charge, Bank of America reported a per-share profit of 14 cents. Analysts were looking for earnings of five cents a share.Revenue slipped 2.7% to $22.57 billion, topping a consensus estimate of $22.33 billion.Charlotte, N.C.-based Bank of America, which achieved its best annual profit last year since 2007, has been working to slash costs and resolve issues dating back to the financial crisis.Late in March, the nation's second-largest bank by assets agreed to a $9.5 billion settleme...

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