Bank of America Corp (BAC.N) said on Wednesday that it has actually moved past the worst of its legal settlements  associateded with the financial crisis, after its newest large legal charge brought the bank's usual shareholders a net loss for the 3rd quarter.

Since 2010, the second-largest U.S. bank has actually accepted pay at the very least $70 billion to settle disagreements linked to mortgage, home loan bonds and various other troubles stemming from before as well as during the crisis.

In the most current settlement, the bank paid $16.65 billion to resolve with Department of Justice fees that it misled investors in its home mortgage bonds. Money was already alloted to cover the majority of that, but the bank took a $5.6 billion charge in the 3rd quarter to cover the rest.

'The DoJ settlement from everything we can view was the most significant matter that's available,' Chief Financial Officer Bruce Thompson informed reporters, signaling that investors can stop being afraid outsized legal settlements  every quarter.

Investors have wondered when the negotiations would certainly stop. Chief Executive Brian Moynihan, which included the role of chairman in October, has actually been functioning to fix legal and also regulatory distress because he took over in 2010.

Four of the bank's 5 major businesses were profitable. Home mortgages, where it scheduled the settlement charge, were the exemption.

'While it was an unpleasant quarter, core results look fine,' Citigroup expert Keith Horowitz composed in a note to investors.

Bank of America's shares fell 5.6 % as the broader stock market fell.

The bank is the 4th of the 6 major US banks to state 3rd-quarter results. JPMorgan Chase & Co (JPM.N) and Citigroup Inc (C.N) were also attacked by large legal expenses.

Bank of America posted a net loss attributable to shareholders of $70 million, or 1 cent per share, for the three months finished Sept. 30, compared with a year-earlier profit of $2.22 billion, or 20 cents each share.

Net income before preferred stock rewards fell to $168 million from $2.5 billion.

The bank lost 3 cents each share on a modified basis, according to an estimation by Thomson Reuters. Experts generally had anticipated a loss of 9 cents per share.

TRADING REVENUE INCREASES

Total revenue slipped 1.5% to $21.21 billion while expenditures excluding legal prices were down 7% as compared to the same duration a year earlier.

Bond trading revenue, excluding accounting adjustments, increased 11% to $2.2 billion as market activity got in September, exceeding the rise that competitors have posted.

Benefit from wealth and investment management rose 12.9% to a record $813 million. Worldwide banking and also sales and trading units obtained profit growth of over 20%.