Bank of America's Profits Plummet, Shares Slide
Bank of America's stock fell as the bank's earnings for the fiscal fourth quarter fell short of expectations, with a profit of $3.1 billion, down from $7.1 billion a year ago, and earnings per share dropping from 85 cents to 35 cents. Revenue of $21.96 billion also missed expectations, while net interest income was in line with predictions. CEO Brian Moynihan highlighted strong organic growth and record client activity, expressing confidence in the bank's position for responsible growth in 2024.