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 | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |