BofA Misses Profit Estimates on Trading Weakness
Bank of America reported lower third-quarter profit due to trading weakness and a major regulatory penalty. Shares fell as fixed income revenue dropped and anti-money laundering fines weighed on results.
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BANK OF AMERICA CORP reported a third-quarter profit of $6.9 billion, missing analyst estimates amid trading weakness and a $1.2 billion regulatory penalty. The lender's shares fell 8% in morning trading, touching their lowest price since May. The poor capital markets performance mirrors headwinds faced by rivals in the United States.
