Bank of America Results Hit by Weaker Trading, $1.2 Billion Penalty

Bank of America's third-quarter results missed estimates as bond-trading revenue fell 17% to $2.55 billion and equity trading dropped 10% to $2.51 billion. The bank also took a charge tied to a $1.2 billion regulatory penalty over money laundering and sanctions violations. The weaker trading and penalty hit earnings, as reported by Bloomberg's Kristine Aquino.