Bank of America Beats as Legal Bills Plummet, Trading Hangs On

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Revenue at the Charlotte, N.C., lender fell about 2.5% to $20.68 billion from $21.21 billion a year ago. Adjusted revenue was $20.91 billion, slightly higher than the $20.77 billion expected by analysts.

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Trading revenue, excluding an accounting adjustment, fell 4% to $3.16 billion from $3.29 billion a year ago. But that was better than expected: Mr. Moynihan had warned at an investor conference last month that trading could fall 5% or 6%, and J.P. Morgan Chase & Co. on Tuesday reported a 15% drop, or 6% when adjusted for businesses the New York bank exited.

Revenue from the Bank of America unit that trades bonds, currency and commodities fell 11%, while revenue from the smaller stock trading unit rose 12%.