Bank of America, one of the largest banks in the United States, has recently reported a decline in profits due to charges totaling $3.7 billion. The bank's third-quarter results show a significant impact on its bottom line, affecting its financial performance.
The charges incurred by Bank of America include a legal expense of $2.1 billion related to a settlement with the Department of Justice. This settlement resolves a civil investigation into the bank's sales of residential mortgage-backed securities leading up to the financial crisis of 2008. Additionally, the bank also had a non-cash impairment charge of $1.6 billion, primarily resulting from the termination of certain leases and the closure of certain offices.
