Bank Of America Profits Falls 16% In Third Quarter

The results did not meet Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 53 cents per share.

The nations second-largest bank posted revenue of $21.69 billion in the period. Its revenue net of interest expense was $20.34 billion, which also missed Street forecasts and was down from $22.8 billion a year earlier. Six analysts surveyed by Zacks expected $20.61 billion.