Bank of America has restated its earnings back to 2001 after reviewing its accounting treatment of derivatives transactions.

In a regulatory filing posted with the Securities and Exchange Commission on Thursday the bank said restatements would cut its earnings in 2005, 2004 and 2003 by 2.5%, 1.4% and 0.5%, but increase its 2002 and 2001 earnings by 3.3% and 10.4%. In total the adjustments will result in an earnings increase of $345m (€269m).