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Bank of America Breaks Almost Even Despite Big Settlement

wfae.org | October 20, 2014

By Ben Bradford

Bank of America broke roughly even in its third quarter earnings, despite paying part of the massive, more than $16 billion settlement with the federal government over mortgage fraud that helped spur the financial crisis.

Without $5 billion in settlement costs on the books this quarter, Bank of America would have more than doubled its net income from the same period last year. As it is, the bank still earned a little over $100 million.

CEO Brian Moynihan described that as a positive step.

“We’re not suggesting that we want to incur litigation costs going forward,” Moynihan told analysts on an earnings call. “But what this demonstrates is how much progress we’ve made behind the noise of the significant legal settlements.”

After paying out dividends, Bank of America lost one cent a share, far less than the nine cents analysts expected.

Sales and trading revenue went up nine percent, and the bank saved more than $1 billion on non-legal expenses, compared to the same time last year. Much of that reflects dramatic cuts to its workforce. Bank of America has laid off about 60,000 employees in the past five years.

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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