Bank of America's Profits Plummet
TL;DR Summary
Bank of America's stock fell 2% after the bank reported a nearly halved quarterly profit and revenue that missed estimates. The decline in profit was attributed to a one-time charge related to the global transition away from the Libor interest rate benchmark. Excluding one-time items, per-share earnings exceeded expectations, but revenue fell 10%. The bank also incurred a Federal Deposit Insurance Corp. fee and experienced decreases in net interest income and noninterest income. Despite challenges, certain segments such as global wealth and investment-management showed positive growth.
- Bank of America’s stock slides 2% as earnings almost halve from a year ago MarketWatch
- Bank of America profit falls on $3.7 billion in charges Yahoo Finance
- Bank of America shares fall after company reports lower fourth-quarter profit, hit by regulatory charge CNBC
- BofA Bond Traders Post Surprise Drop as Profit Slumps by Half Bloomberg
- Bank of America 4Q Trading Revenue Ex. DVA Misses Estimates Bloomberg Television
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