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Bank of America posts lower profit after $1.2 billion fine

Shares dropped after the lender missed earnings forecasts, and a large penalty weighed on its results. The bank has since added staff to guard its software against rogue AI.

By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .

This story is no longer being updated. It reflects reporting up to .

What happened

Bank of America's profits fell after a $1.2 billion fine, and its stock dropped after the bank missed earnings expectations. Brian Moynihan, the bank's CEO, told analysts it had hired 1,000 extra staff for what he called "Mythos remediation." The shares closed at $51.70 after the earnings report, up 0.6%.

Why it matters

The share price has had a rough stretch, down about 13% over 30 days and roughly 16% over 90 days. The reports describe pressure on the bank's profits as the main concern.

Timeline

  1. Oct 15, 1:14 AM ET: Brian Moynihan told analysts the bank had hired 1,000 extra staff for "Mythos remediation" to protect software from rogue AI.
  2. Oct 15, 8:12 AM ET: Bank of America stock fell after the earnings miss and the $1.2 billion penalty, with Citigroup, Goldman Sachs and Morgan Stanley shares also declining.
  3. Oct 15, 10:13 PM ET: Bank of America shares closed at US$51.70 after the Q3 2026 earnings, up 0.6%, though down about 13% over 30 days.

Coverage

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