BofA, Citi Earnings Hit By Legal Costs, Settlements
Settlements, regulatory head winds and low interest rates battered Bank of America (BAC) and Citigroup (C) in the fourth quarter. BofA reported an 80% decline in earnings per share, to 3 cents. That topped analysts' modest expectations of 2 cents. Revenue tumbled 25% to $18.67 billion. The tumbling earnings were after paying $2.7 billion to settle with mortgage giant Fannie Mae over dud loans it sold off to the mortgage giant during the housing
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