Bank of America Corp. on Oct. 19 reported a third-quarter net loss of $7.3 billion, or 77 cents per share.

The loss came primarily on a $10.4 billion impairment charge related to the bank's global card-services segment. Bank of America cites limits from financial-reform legislation that will reduce its future revenue in that business.

In the same period last year, the Charlotte, N.C.-based bank lost $1 billion, or 26 cents per share.

Excluding the $10.4 billion noncash goodwill-impairment charge, net income was $3.1 billion in the latest quarter, or 27 cents per share.

Analysts predicted the bank would earn 16 cents per share in the latest quarter after one-time charges.

In its earnings report Oct. 19, the bank (NYSE:BAC) also said it is changing the way its consumer bank does business, focusing on a strategy designed to make pricing more transparent.

The change moves away from penalty fees, it says, which the industry had adopted over the years, and provides a better experience for customers.

The changes are expected to result in additional revenue, according to the bank.