Bank of America posts loss, hurt by legal expenses

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Associated Press

Posted on April 16, 2014 at 8:00 AM

Updated Wednesday, Apr 16 at 8:02 AM

CHARLOTTE, N.C. (AP) — Bank of America says it swung to a loss in the first quarter, hurt by $6 billion in legal expenses.

The Charlotte, N.C., bank reported a loss applicable to common shareholders of $514 million. That's compares with earnings of $1.11 billion a year earlier.

The loss amounted to 5 cents a share. That missed expectations of analysts polled by FactSet, who had expected earnings of 5 cents a share. A year ago, the bank earned 10 cents a share.

Revenue totaled $22.66 billion after stripping out an accounting change. That was down 3.8 percent from last year.

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