The bank increased its net loss for the quarter ended September 30 to $232 million, or 4 cents a share, from a loss of a penny a share.
After Bank of America announced its earnings on October 15 but prior to its Form 10-Q filing with the SEC with regard to the quarterly report, "the company has been engaged in separate advanced discussions with certain U.S. banking regulatory agencies to resolve matters related to its foreign exchange business," the bank said in a statement. "As a result of those discussions, the company recorded a $400 million non-deductible charge" and adjusted the loss.
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Bank of America said the Form 10-Q filed Thursday would reflect the change.
Separately, TheStreet Ratings team rates BANK OF AMERICA CORP as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate BANK OF AMERICA CORP (BAC) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."