BoA shares fall after writedown

Shares fell in Bank of America yesterday following Monday’s disclosure of a $20.3bn (£12.6bn) charge on its credit unit. The non-cash goodwill writedown paid to regulators will not however affect its capital or prior earnings, according to the bank. The measures take into account weak credit quality in early 2009 as well as an expected loss of revenue in debit-card charges under the Durbin Amendment – a new rule forcing banks to charge less for each swipe of a card. Shares closed down 3.9 per cent at $14.18.