Categories: Business

Bank of America reports huge drop in profits in Q3 2014

Bank of America has reported a net profit of $168 million in Q3 2014, down from $2.5 billion a year earlier.

Total revenue was $21.4 billion.

The huge drop in profits was due to a previously announced $5.3 billion mortgage-related settlement with the Department of Justice and other federal agencies.

Most areas of the business improved profitability compared with a year ago.

Bank of America has reported a net profit of $168 million in Q3 2014, down from $2.5 billion a year earlier

“We saw solid customer and client activity and improved profitability in most of our businesses relative to the year-ago quarter,” said Bank of America’s chief executive Brian Moynihan.

The bank’s property business posted a loss of $5.2 billion, compared with a loss of $990 million a year earlier.

Profits at the asset management arm rose slightly to $813 million, while those at the global banking division rose by a quarter to $1.4 billion.

The global markets business turned a loss of $875 million to a profit of $769 million.

On October 14, rival JP Morgan reported a profit of $5.6 billion for Q3 2014, while Citigroup posted a $3.4 billion profit.

J27y8k7rId4
Clyde K. Valle

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.

Recent Posts

Spain: At Least 158 Killed In The Country’s Worst Flooding Disaster

At least 158 people have died in Spain's worst flooding disaster in generations. On October…

2 days ago

Russia Fines Google $20,000,000,000,000,000,000,000,000,000,000,000, Surpassing Global GDP

Google has been fined two undecillion (a two followed by 36 zeroes) roubles by a…

2 days ago

Financing Your Home Remodel: 7 Tips for Success

Embarking on a home remodel is an exciting journey, promising enhanced comfort, increased property value,…

2 weeks ago

Donald Trump Serves Up McDonald’s Fries While Kamala Harris Celebrates 60th Birthday with Church Choir

The US presidential candidates continued to campaign across key swing states on October 20. Footage…

2 weeks ago

America PAC: Elon Musk Promises to Award $1M Each Day to Swing States Voters

Elon Musk has said he will give away $1 million a day to a registered…

2 weeks ago

Canada Expels 6 Indian Diplomats Amid Khalistan Row

India and Canada have decided to expel their top envoys along with other diplomats as…

3 weeks ago