BofA Q4 net slumps on $2.9-bn tax charge, adjusted income beats estimates

Bank of America Corp's fourth-quarter profit nearly halved as it booked a $2.9 billion charge stemming from the new federal tax law. Other large U.

S banks, including JPMorgan Chase & Co and Citigroup Inc, have also reported charges in their fourth-quarter results because the new law requires them to reassess their deferred tax assets and pay tax on profits kept abroad. Excluding the tax charge, Bank of America earned $5.3 billion, or 47 cents per share. According to Thomson Reuters I/B/E/S, excluding the tax charge and another.....

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