From mint · A Ksheerasagar · · 1m
Bank of America Shares Drop 21% From Peak
Bank of America shares fell 21% from record high after earnings drop and $1.2 billion regulatory fine.
In brief
Bank of America shares fell 21% from record high after earnings drop and $1.2 billion regulatory fine. Bank of America shares dropped 21% from record high after reporting $6.9 billion earnings with a $1.2 billion regulatory fine. Originally reported by mint.
Bank of America Shares
Bank of America shares fell 21% from record high after earnings drop and $1.2 billion regulatory fine.
“Bank of America shares flat after earnings-driven sell-off; slide over 20% from recent peak”
Earnings Drop
Earnings dropped 17% to $6.9 billion after a $1.2 billion regulatory fine.
Regulatory Fine
Bank took $1.2 billion hit for money laundering and sanctions violations.
“The US Treasury Department said on Tuesday that the bank had effectively outsourced a key part of its compliance efforts as it sought to protect revenue”
Trading Results
Fixed-income trading revenue declined 17% to $2.55 billion.
Loan Balances
Loan balances increased 6.3% year-on-year to $1.23 trillion.
Consumer Impact
Bank set aside $1.27 billion for potentially souring loans.
Market Reaction
Shares dropped 6% this month after 12% decline in September.
The headline
Bank of America shares dropped 21% from record high after reporting $6.9 billion earnings with a $1.2 billion regulatory fine.
