On October 14, Bank of America fell 7.86% in Regular Trading, trading at $50.12/share, with turnover of $482 million.
The move was driven by a weaker-than-expected third-quarter report alongside a confirmed $1.2 billion regulatory settlement charge tied to anti-money-laundering compliance failures.
Bank of America reported third-quarter revenue of about $29.96 billion, below market expectations near $30.69 billion, while adjusted EPS of $1.08 also missed consensus. Reported profit fell 17% year over year to $6.93 billion. Trading results were soft, with fixed income, currencies and commodities revenue at $2.55 billion versus expectations of $2.86 billion, and equities trading revenue at $2.51 billion versus $2.63 billion expected. The company also said the $1.2 billion charge was non-deductible and reduced earnings by about $0.17 per share, overshadowing management comments that fourth-quarter net interest income should improve sequentially and that full-year guidance remains achievable.
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