Alastair Borthwick will take over as finance chief as part of the bank’s management overhaul.
Bank of America's results were helped by an $828 million release from its reserves for expected loan losses.
Don't let uncertainty deter your company from growth, but be sure finance keeps a close eye on internal processes and key relationships.
Once the dust finally settles from the COVID-19 crisis, the last thing issuers will want is to face an inquiry and possible enforcement action by the SEC.
Interest rate expectations "have been lowered, plus we have some seasonal headwinds in Q2," CFO Paul Donofrio says.
BofA's consumer banking, global markets, and wealth management divisions drove performance in the third quarter.
The companies said they have already set aside funds to cover the penalty.
A 5% cut in costs and a substantial reduction in quarterly income tax helped Bank of America post $6.8 billion in second-quarter earnings.
The SEC says the scheme revolved around an IT consultant who had access to a computer system that BofA used to track investment banking deals.
The bank's overall Q2 earnings rose 10% to $4.9 billion as the retail business delivered a 21% increase in net income.
Tutor Perini alleged the bank did not disclose the ARS market was heading for collapse when it sold the securities to the company.
It's looking like the stock market's "Trump Bump" was just a figment of the imagination, as a deep corporate tax cut grows less likely.
