Bank of America, the second-largest U.S. bank by assets, reported a 14 percent fall in quarterly profit, largely due to lower revenue from fixed-income trading.
Net income attributable to common shareholders fell to $2.74 billion, or 25 cents per share, in the fourth quarter from $3.18 billion, or 29 cents per share, a year earlier.
Analysts on average had estimated earnings of 31 cents per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported figures were comparable.
Revenue for the quarter totaled $18.73 billion.
Wall Street had expected Bank of America to deliver quarterly
earnings per share of 31 cents on $20.94 billion in revenue, according to a consensus estimate from Thomson Reuters.
Net income attributable to common shareholders fell to $2.74 billion, or 25 cents per share, in the fourth quarter from $3.18 billion, or 29 cents per share, a year earlier.
Analysts on average had estimated earnings of 31 cents per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported figures were comparable.
Revenue for the quarter totaled $18.73 billion.
Wall Street had expected Bank of America to deliver quarterly
earnings per share of 31 cents on $20.94 billion in revenue, according to a consensus estimate from Thomson Reuters.
The bank's third-quarter results were marred by its $16.65
billion mortgage settlement with the United States government. CEO Brian
Moynihan tempered expectations for fourth-quarter trading revenues at a
recent investor conference, CNBC reported this week.
The bank's shares traded lower following the announcement prior to the opening bell. (Get the latest quote here.)
Bank of America shares have fallen nearly 4 percent in the last year.
—CNBC contributed to this report.
The bank's shares traded lower following the announcement prior to the opening bell. (Get the latest quote here.)
Bank of America shares have fallen nearly 4 percent in the last year.
—CNBC contributed to this report.
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