NEW YORK - Bank of America, stung by a $5.3 billion mortgage-related writedown, reported a steep drop in quarterly results Tuesday that fell short of expectations.
The Charlotte, N.C.-based company said its net income plunged 95 percent to $268 million, or 5 cents a share, from $5.26 billion, or $1.16 a share, a year earlier.
Revenue fell 31 percent to $12.67 billion from $18.48 billion in the 2006 period.
The results, which included the company's purchase of LaSalle Bank, were much worse than analysts had anticipated. The company was expected to report a profit of 18 cents a share on revenue of $13.24 billion.
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