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Tuesday, Apr 16, 2024

Bank of America’ Profit Loss Worries Investors

Bank of America Corp.’s poor third quarter surprised Wall Street, resulting in Chief Executive Kenneth Lewis to imply that the company may leave investment banking. Bank of America posted a 32 percent profit drop for its third quarter. The bank’s report suggests that the credit crunch is far from over, analysts say. “I’ve had all of the fun I can stand in investment banking at the moment,” Lewis told the Associated Press. “So to get bigger in it is not something I really want to do.”

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