By Saabira Chaudhuri
Bank of America Corp. swung to a first-quarter loss as the
bank's revenue declined.
Charlotte-based Bank of America reported a loss of $276 million
versus a profit of $1.48 billion for the first quarter of 2013.
Among other items, the quarter's results include a previously
disclosed pretax charge of 21 cents a share tied to a $9.5 billion
settlement over mortgage securities sold to Fannie Mae and Freddie
Mac.
On a per-share basis, Bank of America reported a loss of five
cents, compared with 10 cents a year earlier.
Revenue slipped to $22.57 billion. Analysts polled by Thomson
Reuters had expected revenue of $22.33 billion.
The results come as the lender has been working to eliminate the
distraction of crisis-era issues and focus its efforts on reining
in costs and improving efficiency. Bank of America showed progress
in these efforts last year, reporting revenue increases in all five
of its major business units. Still, the bank remains heavily
exposed to the rise in interest rates that has buffeted the
mortgage business across the U.S.
Write to Saabira Chaudhuri at saabira.chaudhuri@wsj.com
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