The US Treasury penalty, the third-largest in the department's history, stems from failures to report more than $5 billion in suspicious activity, including over $1 billion linked to Chinese money-laundering networks. Despite the fine, net interest income on a full-time equivalent basis beat expectations at $16.61 billion. Chief Executive Brian Moynihan stated that growth in commercial lending across all segments and the use of AI tools by 200,000 employees helped support the company's long-term value.
Tuesday, October 20, 2026
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Bank of America Shares Plunge 8.3% on Q3 Profit Miss
Earnings6 days ago
The second-largest bank in the US reported a 17% decline in net income for the third quarter to $6.9 billion as trading weakness and regulatory penalties hit the bottom line. Adjusted earnings per share of $1.08 and adjusted revenue of $30.12 billion both missed analyst estimates of $1.11 and $30.69 billion. Shares fell 8.3%, the steepest one-day drop since April 2025, after the results included a $1.21 billion charge for failing to monitor trillions of dollars in transactions.
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