Bank of America (BAC) posted $1.21 billion ($0.23 per share) in profit in the first quarter, missing street consensus of $0.41. Revenue fell 6% to $17.3 billion, with profit at the corporate and investment bank division plunging to $115 million from $1.48 billion. CEO Kenneth Lewis:
These results clearly did not meet our expectations. The weakness in the economy and prolonged disruptions in the capital markets took their toll on our performance.
Much of the miss can be attributed to a $1.9 billion writedown of CDOs.
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