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

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...

Full description

Saved in:
Bibliographic Details
Published inSNL Insurance M&A
Main Author Nida Syed
Format Trade Publication Article
LanguageEnglish
Published Charlottesville SNL Financial LC 26.04.2011
Subjects
Banking
Banking industry
Costs
Financial performance
Home loans
Litigation
Loan workouts
Net income
Net losses
Online AccessGet full text

Cover

More Information
Summary: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 expenses, BofA said. BofA said results for the latest quarter were positively affected by lower credit costs, gains from equity investments, higher asset management fees and investment banking fees.