B · Normal
[Bank of America accrues US$1.2 billion in charges due to regulatory penalties] On October 14th, Bank of America announced in an announcement on Wednesday that it had accrued US$1.2 billion in non-deductible expenses, reducing net profit by 17 cents per share. The fee is tied to fines for anti-money laundering and sanctions violations announced by the U.S. Treasury Department on Tuesday. The Treasury Department said Bank of America effectively "outsourced" a key part of its compliance efforts to protect revenue. Bank of America said the cost of correcting related issues has been included in expenses.
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