Bank of America's trading business saw gains, but the company's elevated expenses and higher-than-expected charge-offs for soured loans failed to meet analyst expectations, with charge-offs totaling $1.5 billion, up 26% from the previous quarter, and exceeding analysts' estimates. Chief Financial Officer Alastair Borthwick noted that the increase in charge-offs on credit cards is a carryover from the previous quarter and is leveling off.
Bank of America (BAC) plans to increase its dividend by 9%, pending board approval, from 22 cents per share to 24 cents per share starting in the third quarter. The bank is expected to report second-quarter earnings of 85 cents per share on revenue of $25.16 billion. BAC's stock closed slightly higher after the announcement, trading at $29.17 after hours.
The driver who was charged in a fatal crash on his wedding night had a blood alcohol content (BAC) three times the legal limit, according to a toxicology report. The crash killed his wife and left him with serious injuries.
