Stock Market Today, Oct. 13: Bank of America Dips After $1.2 Billion Fine From Treasury Department
Bank of America stock is down 3% after hours as of 5 p.m. ET following the announcement of a $1.2 billion fine from the U.S. Treasury Department, today, Oct. 13, 2026.
On October 13, Bank of America (NYSE:BAC) experienced a decline in its stock price after receiving a $1.2 billion fine from the U.S. Treasury Department. The bank, which operates in various financial services including consumer, investment, deposit, and lending, saw its shares close at $53.96, marking a 1.14% decrease. Following the fine announcement, investors are anticipating the company's earnings release scheduled for Wednesday.
The trading volume for Bank of America's shares reached 43.3 million, approximately 28% higher than its three-month average of 33.8 million shares.
Other notable market movements included the S&P 500 (SNPINDEX:^GSPC) closing at 7,805, down 0.02%, and the Nasdaq Composite (NASDAQINDEX:^IXIC) closing at 27,204, down 0.15%. Within the money center banking and diversified financial services sector, competitors JPMorgan Chase (NYSE:JPM) closed at $331.43, down 0.86%, and Wells Fargo (NYSE:WFC) closed at $80.75, down 3.08%. These declines in banking stocks reflect the broader impact of the earnings season on the market.
The Treasury Department imposed the $1.2 billion penalty on Bank of America for violations related to anti-money laundering and sanctions laws. The bank allegedly failed to report over $5 billion in suspicious transactions over several years, leading to the regulatory action.
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