U.S. banks: BofA falls, Morgan Stanley rises after Q3 results
BAC•Bank of America shares fell 4.1% premarket after its Q3 profit dropped to $6.9 billion, or 91 cents per share, including a $1.2 billion fine. Morgan Stanley shares rose 0.4% after profit increased to $4.91 billion, or $3.03 per share, beating estimates.
1. Bank of America results
Bank of America reported Q3 profit of $6.9 billion, or 91 cents per share, down from $8.3 billion, or $1.04 per share, a year earlier. The bank was hurt by a $1.2 billion fine over anti-money laundering failures, while investment banking fees fell 11% to $1.8 billion. Its shares fell 4.1% premarket.
2. Morgan Stanley results
Morgan Stanley reported profit attributable to the bank of $4.91 billion, or $3.03 per share, compared with $4.61 billion, or $2.80 per share, a year earlier. The result topped the $2.91-per-share analyst estimate, while equity trading revenue rose nearly 41% to $5.8 billion. Shares rose 0.4% in choppy premarket trading.
