text: Bank of America beats earnings expectations, Business Insider - Business Insider Malaysia
  "Responsible growth delivered solid results in 2017," CEO Brian Moynihan said. "Pretax earnings rose 17%, and we continued to close in on our long-term return targets. We gained market share across our businesses while carefully managing credit, risk exposures, and expenses."
  Net charge-offs rose to $1.2 billion from $880 million – this was driven mainly by a single client charge-off totaling $292 million
  That last item, a $292 million charge-off from a single client, is most likely attributable to the scandal-wracked South African retailer Steinhoff International, though Bank of America doesn't specify the company by name.
  Citi, HSBC, Goldman Sachs, and Nomura initially arranged the $1.8 billion loan, backed by some 628 million shares of Steinhoff's now-crippled stock, and subsequently sold off parts of the loan to other banks.
  Though Citi didn't name the single client responsible for a $130 million wipeout in its equities-trading revenue, it's also most likely attributable to Steinhoff.