Bank Of America Profit Falls 32 Percent

Bank of America says its profit fell 32 percent in the third quarter as trading losses and loan write-downs offset revenue growth in most businesses.

The Charlotte-based bank says net income dropped to 3.7 billion dollars, or 82 cents per share in the third quarter. That compares with 5.4 billion dollars, or $1.18 per share, during the same time last year.

The nation's second largest bank says revenue fell 12 percent to 16.3 billion dollars from 18.5 billion dollars last year.

Bank of America says earnings from its global corporate and investment bank fell by 1.3 billion dollars, or 93 percent, because
of disruption in financial markets.

Chairman and Chief Executive Kenneth Lewis says he's disappointed in the company's performance.




 
We encourage commenting on our stories to give you a chance to express your opinion. We rely upon the online community to report abuse. Repeat violators may be banned from posting comments. CLICK HERE for the witn.com guidelines for posting comments.
powered by Disqus