Bank Of America Profit Down 32%

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Bank of America had a worse than expected quarter, with profits down 32%. They also saw shrinkage in revenues.

“Overall earnings in the quarter were not acceptable to us,” Chairman and Chief Executive Kenneth D. Lewis said on a conference call with analysts. “We believe we should have performed better.”

Shares were down 4% on the news.

“Bank of America’s trading losses in third quarter were significant and also worse than peers while marks taken on leverage loans and mortgage assets seem lower than others,” wrote Goldman Sachs analyst Lori B. Appelbaum in a research note. “Lower marks potentially reflect Bank of America’s lower risk exposure in these areas.”

Among big banks, profit was also down at Citicorp.

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