NEW YORK—Bank of America Corp.’s third-quarter results showed the withering effects of new financial regulations, even as the Charlotte, N.C., bank took advantage of its size to generate higher revenue from mortgage banking and fixed-income trading.
The biggest U.S. bank by assets swallowed a $10.4 billion goodwill-impairment charge as it posted a $7.3 billion loss for the quarter. The charge was at the high end of what the bank forecast in mid-July and in essence means its Global Cards business is less valuable than previously because of new financial regulations that will shrink that business’s earnings. Without the $10 billion-plus non-cash charge, the bank would have earned $3.1 billion.
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