BofA securities arm hit with $5M fine for OTC options reporting failures
Between January 2009 and October 2020, BofAS failed to report OTC options positions to the LOPR in more than 7.4 million instances.
Between January 2009 and October 2020, BofAS failed to report OTC options positions to the LOPR in more than 7.4 million instances.
Merrill Lynch maintained a system designed to restrict a customer’s purchase of Class C shares when lower cost Class A shares were available.
Bank of America saw Global Markets net income decrease $987 million from the year-ago quarter to $908 million.
The Global Markets segment of Bank of America recorded net income of $2.1 billion in the first quarter of 2021.
Bank of America registered Global Markets net income of $791 million in the fourth quarter of 2020, up by $218 million from a year earlier.
FICC revenue increased 3% from a year earlier to $2.1 billion on the back of stronger performance in mortgage and FX products.