BofA's $1.2 Billion Fine Wipes Out Earnings Gains, Profit Falls 17%
Morgan Stanley beat estimates on trading strength and State Street beat on earnings, yet all three bank stocks fell in the same session.
Bank of America's third-quarter profit dropped 17% after a $1.2 billion money-laundering fine compounded a weak trading and investment-banking quarter, dragging the stock down even as Morgan Stanley and State Street also slipped despite beating profit estimates.
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