Bank of America to take $1.6 billion noncash charge as it transitions away from BSBY index for lending

Bank of America Corp. on Monday said it would take a noncash pretax charge of about $1.6 billion in its fourth-quarter report related to the global transition away from an index used to replace the London interbank offered rate, or Libor.Bank of America BAC, -1.87% said the $1.6 billion net impact is expected to be added back into its interest income in subsequent periods, largely through 2026, according to a filing.The accounting adjustment follows the discontinuation of the Bloomberg Short-Term Bank Yield ...