Shares of Bank of America were falling on 8 January after the bank said it would recognise a net non-cash pretax charge of about $1.6bn in the fourth quarter as Bloomberg stops publishing an index for short-term rates that had served as an alternative to Libor.

The stock was down 1.6% to $33.88 on 8 January, while the SPDR S&P Bank ETF was up 0.2% and the S&P 500 rose 0.5%. Over the last 12 months, BofA shares have traded flat.