Bank of America followed its Wall Street rivals in taking a $2.9bn charge to cover US President Donald Trump's new tax rules, which drove a near-halving of group net profits in the fourth quarter.
The bank, which in late December put a rough $3bn estimate on its near-term hit to net profits from the tax changes, said in its quarterly and full-year results today it had taken a $2.9bn charge. It added the figure could change as further details on the legislation emerged.
