00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Bank of America reported a 17 percent decline in third quarter profit Wednesday after U.S.
00:07regulators imposed a $1.2 billion penalty over failures to report suspicious transactions,
00:13according to CNBC.
00:14The bank earned $0.91 per share, or $1.08 excluding the penalty, compared with expectations
00:20of $1.10.
00:22Revenue rose 3.2 percent to $30.12 billion, missing estimates of $30.69 billion.
00:28Fixed income trading revenue fell 17 percent to $2.55 billion, while equities trading revenue
00:35rose 10 percent to $2.51 billion.
00:38Both missed expectations.
00:40Investment banking revenue declined 11 percent to $1.8 billion.
00:44Net interest income increased 7.9 percent to $16.6 billion, slightly exceeding estimates.
00:51Bank of America shares fell more than 5 percent in pre-market trading.
00:55For all things money, visit Benzinga.com.
