Bank of America Corp., the second-largest U.S. lender, said third-quarter profit dropped 95% on litigation expenses and an accounting charge tied to the firm’s debt.
Net income fell to US$340 million, or 0 cents a diluted share, from US$6.2 billion, or 56 cents, a year earlier, according to a statement Wednesday from the Charlotte, North Carolina-based firm. Analysts surveyed by Bloomberg were predicting a loss for the quarter, and the shares rose in early trading…
http://business.financialpost.com/2012/10/17/bank-of-america-profit-drops-95-on-merrill-legal-costs/
