From Nasdaq Inc.:

Bank of America Corp reported a significant drop in net income for the fourth quarter, with earnings per share falling to $0.35 from $0.85 in the prior-year quarter. The company’s adjusted net income for the quarter was $0.70 per share, falling short of analysts’ expectations of $0.63 per share. The provision for credit losses was slightly up at $1.10 billion. Total revenue saw a 10 percent decrease to $21.96 billion, missing Wall Street’s expectations of $23.74 billion. Non-interest expense increased to $17.73 billion from last year. Noninterest income also declined to $8.01 billion, despite higher asset management and investment banking fees.



Read more: Bank Of America Q4 Profit Plunges, But Tops Estimates