BofA Profit Drops on $1.2B Fine
Bank of America reported a lower third-quarter profit after setting aside a 1.2 billion dollar fine over failures to detect suspicious transactions. Shares dropped as investment banking fees and trading revenue also declined.
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BANK OF AMERICA CORP set aside $1.2B for a regulatory fine, dragging third-quarter profit down to $6.9B. The penalty stems from failures to detect suspicious activity across the United States. Investors drove shares down 4% in premarket trading following the disclosures.
