Watch CBS News

Bank of America posts loss, hurt by legal expenses

CHARLOTTE, N.C. - Bank of America (BAC) 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.

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.