BofA Joins Citigroup Share Slump as CEOs Grapple With Costs
This article is for subscribers only.
Bank of America Corp. and Citigroup Inc. posted two of the three biggest declines in the Standard & Poor’s 500 Index after results fell short of those at rivals as managers had to focus on cutting costs.
Bank of America, the second-largest U.S. bank by assets, fell 4.2 percent to $11.28 at 4:15 p.m. in New York after fourth-quarter net income slumped 63 percent to $732 million. No. 3 Citigroup dropped 2.9 percent after profit of $1.2 billion missed estimates as litigation costs rose. JPMorgan Chase and Co., the largest U.S. bank, and No. 4 Wells Fargo & Co. each announced quarterly profit this month of more than $5 billion.