DOJ Subpoenas Bank of America in Federal Probe Over Account Closures
BAC sits 25% above its 52-week low of $43.665.
Summary
Bank of America has received subpoenas from the Department of Justice as part of a federal probe into customer lists and account closures. While the subpoenas were issued last year and to other major banks, this public disclosure introduces a new, material legal and regulatory risk for BAC, contrasting with recent positive operational news. The company also launched a minor credit card referral program, which is a negligible business update.
At the time of this announcement, BAC was trading at $54.45 on NYSE in the Finance sector, with a market capitalization of approximately $387B. The 52-week trading range was $43.66 to $57.55. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Wiseek News.