After the OCC announced a consent order against Bank of America (BAC) related to compliance with the Bank Secrecy Act, Citi says the firm does not view the announcement as a surprise, despite the stock slightly underperforming yesterday, given that BofA had previously disclosed related talks with regulators were ongoing. BofA does not expect a material adverse financial impact stemming from this order, and with the Q4 expense guidance and outlook for positive operating leverage in 2025 still intact, the firm does not expect a significant earnings headwind for 2025, adds Citi, which keeps a Buy rating and $54 price target on Bank of America shares.
Don't Miss Our Christmas Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BAC:
- Bank of America (BAC) Agrees to Consent Order to Address AML Concerns
- Fed to seek public comment on changes to bank stress tests
- Bank of America OCC outcome ‘could have been worse,’ says Wells Fargo
- OCC issues cease and desist order against Bank of America for BSA deficiencies
- JPM, BAC, and WFC Get Sued by the CFPB over Zelle Fraud