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BofA to record $300M charge from data center closings


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BofA to record $300M charge from data center closings

Bank of America Corp. expects its second-quarter results to include a $300 million one-time charge from the consolidation of a number of its data centers.

During a recent investor conference, Chairman and CEO Brian Moynihan also said the company is expecting sales and trading revenue to be up about 3% to 4% year over year for the first half of 2017, but down 10% to 12% year over year for the second quarter, noting last year's "robust" second-quarter revenue in the business.

Speaking on the topic of the upcoming Comprehensive Capital Analysis and Review, Moynihan stated that the company is planning to "push towards" a dividend rate of 30% of earnings, with the rest allotted for share buybacks.