Mortgage-related costs, litigation expenses weigh down BofA's Q1'11 results

• Published in: The SNL Insurance Daily
• Main Author: Nida Syed
• Format: Trade Publication Article
• Language: English
• Published: Charlottesville SNL Financial LC 18.04.2011
• Subjects: Banking; Banking industry; Costs; Financial performance; Home loans; Litigation; Loan workouts; Net income; Net losses

Bank of America Corp. on April 15 announced the appointment of Gary Lynch to be global chief of legal, compliance and regulatory relations, as the company reported first-quarter shareholder net income of $1.74 billion, down due partly to higher legacy mortgage-related costs and higher litigation exp...