secwatch.observer — SEC 8-K summary
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Issuer:     BANK OF AMERICA CORP /DE/ (BAC)
CIK:        0000070858
Form:       8-K
Filed at:   2024-01-08T23:59:59+00:00
Accession:  0000070858-24-000006
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 8.01
LLM model:  deepseek-v4-flash:cloud@v2

BAC recognizes $1.6B non-cash pretax charge from BSBY transition; CET1 down 8 bps
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- Net non-cash pretax charge of ~$1.6B in Q4 2023 from de-designation of BSBY-indexed loan hedges.
- Charge presented in revenue through market making; expected to reverse into interest income through 2026.
- CET1 ratio reduced by 8 basis points as of Dec 31, 2023.
- Impact is solely accounting; economics of loans will shift to SOFR with nominal economic effect.
- Q4 2023 financial results to be reported on Jan 12, 2024.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/70858/000007085824000006/0000070858-24-000006-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/70858/000007085824000006/bac-20240108.htm
  HTML page:      https://secwatch.observer/filing/0000070858-24-000006

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