From BizToc · · 40s
Bank of America Q3 Profit Drops
Bank of America's Q3 profit fell 17% due to regulatory penalties and trading revenue decline.
In brief
Bank of America's Q3 profit fell 17% due to regulatory penalties and trading revenue decline. Bank of America reported a 17% Q3 profit drop from a year earlier due to a $1.2 billion regulatory penalty and reduced lending income. Originally reported by BizToc.
Bank of America
Bank of America reported Q3 profit fell 17% from a year earlier.
Profit Drop Cause
A $1.2 billion regulatory penalty and slower Wall Street machine reduced lending income.
Market Reaction
Bank of America's stock dropped over 3% in premarket trading after the report.
The bottom line
Bank of America reported a 17% Q3 profit drop from a year earlier due to a $1.2 billion regulatory penalty and reduced lending income.
