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Bank of America shares fell about 8.4% to $49.44 by 10:11 a.m. ET Wednesday after the bank reported third-quarter earnings of 91 cents per share, below the $1.10 analyst estimate. The drop followed a $1.21 billion Treasury penalty; the bank also reported revenue of $30 billion versus $30.69 billion expected.
Bank of America’s stock and fixed-income traders missed estimates in the third quarter, with bond-trading revenue falling 17% to $2.55 billion and equity trading down 10% to $2.51 billion. The bank’s results were also hurt by a charge tied to a regulatory penalty over money laundering and sanctions violations. Kristine