Bank of America reported lower fourth-quarter profit compared to Wall Street expectations, hit by a $1.6 billion pretax charge related to the transition away from the London Interbank Offered Rate. Adjusted earnings per share were 70 cents versus estimates of 68 cents. Adjusted revenue was $22 billion. Net income fell over 50% to $3.1 billion from $7.1 billion a year ago. Results also included a $2.1 billion fee charged by the Federal Deposit Insurance Corp tied to bank failures. Bank of America stock is down over 1% year-to-date after a small 1.7% gain in 2023, underperforming the 10% rise in the S&P 500 financial sector.