Bank of America Settlement Charge Hits Profit, Morgan Stanley Profit Climbs
A facts-only brief, written by a local AI model from this article in The Wall Street Journal, October 14, 2026. It may contain mistakes, and it is not the article: the full story is at wsj.com.
Regulators imposed a $1.2 billion fine on Bank of America on Tuesday, citing inadequate systems for monitoring and reporting potential financial crimes. The bank reported that this settlement charge reduced its third-quarter profit to $6.9 billion, a decline from $8.3 billion in the same period last year. Excluding the penalty, the institution recorded adjusted earnings of 91 cents per share, which fell short of the 1.10 dollars per share anticipated by analysts polled by FactSet. Bank of America shares dropped 4.3 percent to $51.65 in premarket trading following the announcement.
Background
- Morgan Stanley reported third-quarter net income of $4.97 billion, an increase from $4.61 billion a year earlier, driven by growth in equity and wealth management sectors.
- The financial firm’s net revenue rose to $20.3 billion from $18.2 billion in the previous year, exceeding the $19.93 billion expected by analysts.
- Bank of America’s total revenue increased to $30 billion from $29 billion, though this figure was below the $30.58 billion forecast by market observers.
Read the full article at wsj.com
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