Germany’s BaFin Fines BofA $5.3M for Delay in Reporting Voting Rights Notifications

Germanys Federal Financial Supervisory Authority (BaFin) has penalized multinational investment bank, the Bank of America (BofA).

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The German financial watchdog fined BofA $5.28 million for delays in reporting voting rights notifications, Reuters reports.

Meanwhile, Finance Magnates has previously reported that Bank of Americas net income dropped 13% to $6.1 billion during the second quarter of 2022.

Quarterly Drop

Bank of America posted a net income of $7.1 billion at the end of the first quarter of the year.

Additionally, the investment banks earnings per share dropped to $0.73 during the second quarter of 2022. It was a 9% decline from $0.80.

For another thing, data released by the Bank of America showed that its net interest income surged 22% to $12.4 billion in the past quarter.

On the contrary, the bank's business in global and consumer banking, global wealth and investment management as well as global markets dropped respectively.

BofA in its global banking activities saw an 11.7% drop in net income compared to the first quarter.

Its net income in this category came in at $1.5 billion.

On top of that, BofA's Global Wealth and Investment Management business recorded a 9% drop in net income. The business generated $1.2 billion in the past quarter, which is a slight fall from its first quarter's $1.1 billion.

Furthermore, BofA's Global Markets generated $1 billion during the second quarter of 2022, which is a strong decline from the $1.6 billion recorded in the first quarter.