BofA to Restate Profit to Adjust for Derivatives
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Bank of America Corp. said it was restating financial data for the last five years to adjust for accounting treatment for certain derivative transactions.
The No. 2 U.S. bank said in a regulatory filing that the restatements would cut its earnings in 2005, 2004 and 2003 by 2.5%, 1.4% and 0.5%, respectively. For 2002 and 2001, earnings were boosted by 3.3% and 10.4%.
Banc of America Securities said some derivative transactions that had been considered “hedges” under derivative accounting rules did not in fact meet the criteria.
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