Bank of America profit hurt by $1.2 billion fine over anti-money laundering shortcomings
14/10/2026 11:46
Bank of America profit hurt by $1.2 billion fine over anti-money laundering shortcomings Oct 14 (Reuters) - Bank of America's BAC.N profit fell in the third quarter as it set aside $1.2 billion to cover fines by US regulators over widespread failures to detect potential money laundering and other illicit activity.
The second-largest US bank's profit was $6.9 billion, or 91 cents per share, in the three months ended September 30, it said on Wednesday. That compares with $8.3 billion, or $1.04 per share, a year earlier.
(Reporting by Arasu Kannagi Basil in Bengaluru and Saeed Azhar in New York; Editing by Joyjeet Das)
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