Bank of America posts third-quarter profit drop due to $1.2 billion Treasury fine

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Bank of America posted a sharp decline to third-quarter profit after being hit with a $1.2 billion penalty by the U.S. Treasury Department.

The bank’s profit fell 17% to $6.93 billion, or 91 cents a share. Excluding the penalty, which sapped income by 17 cents, EPS would’ve been $1.08 a share.