Bank of America reports $276 mn loss on huge legal costs

New York: Bank of America reported Wednesday a quarterly loss of $276 million due to $6 billion in legal expenses that included a huge settlement with the US on mortgage-backed securities.

The bank had revenues of $22.8 billion, compared with earnings of $1.5 billion on revenues of $23.4 billion in the period a year ago. Operating results were mixed and included weaker mortgage banking profits but higher investment and brokerage income.