Updated:CHARLOTTE, N.C. —
Charlotte-based Bank of America just beat Wall Street expectations with its third-quarter earnings.
The bank reported a net income of $340 million.
That means individual shareholders don’t earn anything, but it beat the analysts’ predictions of losses between seven and 11 cents per share.
The big reason for a low report is a $1.6 billion legal expense to settle investor lawsuits over the buyout of Merrill Lynch.
On a good note, Bank of America claims the average balance of its deposits increased $17 billion from the last quarter.