BofA Takes a $1.6 Billion Charge Tied to LIBOR Transition

Comerica Inc. will take a charge of $91 million in non-interest income from a similar accounting change tied to the index being discontinued.

By Katherine Doherty | January 09, 2024 at 09:36 AM

Photo: A Bank of America branch in Austin, Texas.

Bank of America Corp. took a roughly $1.6 billion charge tied to the finance industry's shift away from the London Interbank Offered Rate (LIBOR) benchmark, a cost the company said will eventually be made up as income.

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