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Charlotte, NC -- Despite reaching an earnings record for last year, Bank of America saw its fourth-quarter results clipped by a surge in bankruptcies.
Like other big banks, Bank of America said the implementation of new bankruptcy laws in mid-October caused a surge of filings by people trying to beat the deadline for the rule change.
Net income in the fourth quarter was $3.77 billion, or $0.93 per diluted share, down from $3.85 billion, or $0.94 per share a year earlier.
Kenneth Lewis, chairman and CEO of Bank of America, said that the impact of the change in bankruptcy laws and the company's practices for overdraft charge-offs ...
Source: HighBeam Research, Bankruptcy Blip Hits Bank of America.