Bank of America reports big drop in profitsOctober 15, 2014 - 20:54 AMT PanARMENIAN.Net - Bank of America has reported a big drop in profits due to a multi-billion dollar settlement with U.S. authorities, according to BBC News. Net profit for the three months to the end of September was $168mln, down from $2.5bn a year earlier. Total revenue was $21.4bn. The huge drop in profits was due to a previously announced $5.3bn mortgage-related settlement with the Department of Justice and other federal agencies. Most areas of the business improved profitability compared with a year ago. "We saw solid customer and client activity and improved profitability in most of our businesses relative to the year-ago quarter," said the bank's chief executive Brian Moynihan. The bank's property business posted a loss of $5.2bn, compared with a loss of $990mln a year earlier. Profits at the asset management arm rose slightly to $813mln, while those at the global banking division rose by a quarter to $1.4bn. The global markets business turned a loss of $875m to a profit of $769m. On Tuesday, rival JP Morgan reported a profit of $5.6bn for the quarter, while Citigroup posted a $3.4bn profit. Related issues: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Ucom Celebrates Telecommunication Day May 17 commemorates the founding of the International Telecommunication Union on May 17, 1865. Armenian, Azerbaijani heads of parliament meet in Switzerland President of the Armenian parliament Alen Simonyan met with the Speaker of the Azerbaijani Milli Majlis Sahiba Gafarova. Border residents overnight on highway to protest Armenia’s Residents of Kirants continue to express outrage over the government’s decision to cede land to Azerbaijan. Get Started: An educational platform for young startuppers The Get Started program which operates in two phases is an important platform for young startuppers. |