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Bank of America beats earnings expectations (BAC)





Brian Moynihan Bank of America BOA

Bank of America Merrill Lynch released results from its fourth quarter Wednesday, beating expectations with adjusted earnings of $0.47 a share.

Wall Street analysts were expecting the firm to report adjusted earnings of $0.45 a share.

Like the other big banks, Bank of America took a hit from the recently enacted tax law, writing down $2.9 billion primarily in deferred tax assets that declined in value.

JPMorgan earlier reported a $2.4 billion fourth-quarter loss because of the new tax law, and Citigroup reported a $22 billion loss.

Accounting for the one-time impacts of the new law, the bank had nonadjusted earnings read more >>>

Source:: BusinessInsider.Com

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