Bank of America Hit With $1.2 Billion Money-Laundering Fine — SkimNews
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- Bank of America was fined $1.2 billion (reported as $1.21B by Banking Dive) for lax money-laundering oversight, according to the New York Times and Banking Dive.
- Bank of America's Q3 profit tumbled 17% as deals and trading revenue fell (Yahoo Finance), and the stock dropped after the earnings miss combined with the penalty (Quartz).
Why it matters: Bank of America is absorbing a roughly $1.2 billion AML penalty the same quarter its profits dropped 17% on weaker deals and trading revenue — shareholders get a simultaneous regulatory hit and earnings miss, and the stock decline followed the combination.
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