Bank of America OCC consent order not a surprise, says Citi
After the OCC announced a consent order against Bank of America (BAC) related to compliance with the Bank Secrecy Act, Citi says the firm does not view the announcement as a surprise, despite the stock slightly underperforming yesterday, given that BofA had previously disclosed related talks with regulators were ongoing. BofA does not expect a material adverse financial impact stemming from this order, and with the Q4 expense guidance and outlook for positive operating leverage in 2025 still intact, the firm does not expect a significant earnings headwind for 2025, adds Citi, which keeps a Buy rating and $54 price target on Bank of America shares.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on BAC:
