Bank of America posts drop in first-quarter profit

Bank of America Corp reported a fall in first-quarter profit on Monday, as a slowdown in global deal-making weighed on its investment banking businesses. Profit applicable to common shareholders fell to $6.6 billion, or 80 cents per share, for the quarter ended March 31 from $7.56 billion, or 86 cents per share, a year earlier.

Analysts on average had expected a profit of 75 cents per share, according to the IBES estimate from Refinitiv.