Germany’s Federal Financial Supervisory
Authority (BaFin) has penalized multinational investment bank, the Bank of
America (BofA).
The German financial watchdog fined BofA $5.28
million for delays in reporting voting rights notifications, Reuters reports.
Meanwhile, Finance Magnates has previously
reported that Bank of America’s net income dropped by 13% to $6.1 billion during the second quarter of
2022.
Quarterly Drop
Bank of America had posted a net income of $7.1 billion at the end of the
first quarter of the year.
The investment bank’s earnings per share also
dropped to $0.73 during the second quarter of 2022. It was a 9% decline from
$0.80.
Futhermore, data released by the Bank of America showed that its net intrest income surged 22% to $12.4 billion in the past quarter.
On the contrary, the bank’s business in global and consumer banking, global wealth and investment management, and global markets dropped respectively.
BofA in its global banking activities saw an 11.7% drop in net income compared to the first quarter.
Its net income in this category came in at $1.5 billion.
On the other hand, BofA’s Global Wealth and Investment Management business recorded a 9% drop in net income. The business generated $1.2 billion in the past quarter, away from first quarter’s $1.1 billion.
Additionally, BofA’s Global Markets generated $1 billion during the second quarter of 2022, a decline from the $1.6 billion recorded in the first quarter.
Germany’s Federal Financial Supervisory
Authority (BaFin) has penalized multinational investment bank, the Bank of
America (BofA).
The German financial watchdog fined BofA $5.28
million for delays in reporting voting rights notifications, Reuters reports.
Meanwhile, Finance Magnates has previously
reported that Bank of America’s net income dropped by 13% to $6.1 billion during the second quarter of
2022.
Quarterly Drop
Bank of America had posted a net income of $7.1 billion at the end of the
first quarter of the year.
The investment bank’s earnings per share also
dropped to $0.73 during the second quarter of 2022. It was a 9% decline from
$0.80.
Futhermore, data released by the Bank of America showed that its net intrest income surged 22% to $12.4 billion in the past quarter.
On the contrary, the bank’s business in global and consumer banking, global wealth and investment management, and global markets dropped respectively.
BofA in its global banking activities saw an 11.7% drop in net income compared to the first quarter.
Its net income in this category came in at $1.5 billion.
On the other hand, BofA’s Global Wealth and Investment Management business recorded a 9% drop in net income. The business generated $1.2 billion in the past quarter, away from first quarter’s $1.1 billion.
Additionally, BofA’s Global Markets generated $1 billion during the second quarter of 2022, a decline from the $1.6 billion recorded in the first quarter.
