Bank of America $BAC shares CRASH 8.3% after missing Q3 profit estimates and booking a $1.2 BILLION regulatory charge tied to anti-money-laundering failures.
BoFa reported:
- Fixed-income trading revenue fell 17%
- Total trading revenue declined 5% to $5.1 BILLION
- Investment banking fees dropped 11% to $1.8 BILLION - Net interest income rose 8%
Per Reuters, the penalty stems from failures to report over $5 BILLION in suspicious activity to U.S. authorities.
The earnings miss and regulatory charge ADDED to the pressure on the banking sector amid weaker trading performance across Wall Street.
BoFa reported:
- Fixed-income trading revenue fell 17%
- Total trading revenue declined 5% to $5.1 BILLION
- Investment banking fees dropped 11% to $1.8 BILLION - Net interest income rose 8%
Per Reuters, the penalty stems from failures to report over $5 BILLION in suspicious activity to U.S. authorities.
The earnings miss and regulatory charge ADDED to the pressure on the banking sector amid weaker trading performance across Wall Street.