Business

BofA's income falls 39 percent, misses estimates

Posted April 14, 2011 11:00 pm

Associated Press

NEW YORK — Bank of America's first-quarter income fell 39 percent on higher costs related to its mortgage business and higher litigation expenses.

The Charlotte, North Carolina, bank on Friday said it earned $1.7 billion, or 17 cents per share, compared with $2.8 billion, or 28 cents a share in the first quarter of last year. The earnings fell short of the 28 cents a share estimated by analysts surveyed by FactSet.

Revenue fell to $26.9 billion from $32 billion in the same period last year.

The nation's largest bank by assets also announced that the bank's chief risk officer, Bruce Thompson, will become chief financial officer, replacing Chuck Noski, who was named vice chairman.

The company's shares are off 3 cents to $13.10 in pre-market trading.

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