UPDATE: Bank of America Posts Drop In Q4 Profit

Bank of America

reported a drop in its fourth-quarter profit. Bank of America's quarterly profit declined to $732 million, or $0.03 per share, from $1.99 billion, or $0.15 per share, in the year-earlier period. Its revenue dropped to $18.7 billion, from $24.9 billion. However, analysts were expecting earnings of $0.02 per share on revenue of $21.19 billion. Bank of America shares fell 0.25% to $11.75 in pre-market trading.