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Bank of America shares fell 4.8% on Wednesday, erasing $30 billion in market capitalization at one point, after the bank disclosed a $1.21 billion fine for failures in money laundering and sanctions controls.
The penalty marks the largest regulatory fine imposed on the bank in the past decade.
The announcement came late Tuesday after the market closed, prompting a sharp sell-off that briefly pushed the stock down as much as 7% before it recovered slightly from its lows.
Herman Chan, who appeared on Bloomberg Television, attributed the majority of the decline to the regulatory fine rather than the bank's quarterly earnings.
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