From Dow Jones & Company:

Bank of America Corp.’s stock fell 2% after reporting a steep decline in quarterly profit. Net income declined to $3.1 billion, or 35 cents a share, from $7.1 billion, or 85 cents a share, in the year-earlier period due to a one-time charge of $1.6 billion related to transitioning away from Libor. Per-share earnings were 70 cents, ahead of the 53 cent FactSet consensus, but revenue fell 10% to $22.0 billion, below the $23.7 billion FactSet consensus. The bank took a FDIC fee of $2.1 billion and Net interest income fell by 5% to $13.9 billion. The stock has fallen 3.8% in the last 12 months.



Read more: Bank of America’s stock slides 2% as earnings almost halve from a year ago