Bank of America's (BAC -8.7%) "brutal honesty" in saying new financial regulations, particularly...

|About: Bank of America Corporation (BAC)|By:, SA News Editor

Bank of America's (BAC -8.7%) "brutal honesty" in saying new financial regulations, particularly on debit-card fees, may trigger a $10B charge sparks speculation that rival banks have underestimated their own costs. “It’s regulating a transaction between two businesses,” CFO Charles Noski said in its conference call. “This isn’t going to benefit consumers at all.” V -4.4%, MA -5.6%, AXP -4.1%, C -5.1%, WFC -5.1%, JPM -3.4%.