Bank of America is trading 3.65% lower at $51.99 after U.S. regulators announced more than $1.21 billion in penalties for anti-money-laundering and sanctions-control failures.
- FinCEN’s $1.2 billion penalty and a related OCC penalty are expected to weigh on earnings; Reuters reported the charge will reduce third-quarter net income by about 17 cents per share.
- The announcement came ahead of the October 14 earnings report; broader indexes were mixed, rather than showing a similarly sharp market-wide selloff.