Bank Of America Earnings Slumps On $2.9 Billion Tax Charge
Bank of America Corp’s fourth-quarter income nearly halved as it booked a $2.9 billion cost stemming from the new federal tax law.
Other massive U.S banks, which include JPMorgan Chase & Co and Citigroup Inc, have additionally stated fees in their fourth-quarter results because the new regulation requires them to reassess their deferred tax property and pay tax on income kept abroad.
Excluding the tax charge, Bank of America earned $5.3 billion, or 47 cents per share. Read more [...]