BoA earnings down as new chief named

City A.M. Reporter
Bank of America Corp posted a 37.5 per cent decline in first-quarter earnings and named a new chief financial officer.

The largest US bank reported net income of $2bn (£1.2bn), or 17 cents per share, compared with $3.2bn, or 28 cents per share ,in the same quarter a year ago.

Analysts on average had forecast earnings of 27 cents a share.

The bank lost $2.39bn in its residential mortgage unit, compared with a $2.07bn loss in the same quarter a year earlier. Revenue dropped and expenses increased in the business, which was a key source of difficulty for the bank during the quarter.

The bank said Bruce Thompson, chief risk officer, will add the role of chief financial officer at the end of the second quarter. Chuck Noski, current CFO, will become vice chairman of Bank of America.