CHARLOTTE, N.C. — Bank of America says it swung to a loss in the first quarter, hurt by $6 billion in legal expenses.
The Charlotte, N.C., bank reported a loss applicable to common shareholders of $514 million. That’s compares with earnings of $1.11 billion a year earlier.
The loss amounted to 5 cents a share. That missed expectations of analysts polled by FactSet, who had expected earnings of 5 cents a share. A year ago, the bank earned 10 cents a share.
Revenue totaled $22.66 billion after stripping out an accounting change. That was down 3.8 percent from last year.