(Bloomberg) -- Bank of America Corp. led decliners in the Dow Jones Industrial Average after reporting profit dropped 63 percent, hurt by shrinking revenue and more costs from cleaning up bad mortgages.
The stock fell 3.7 percent to $11.35 at 9:48 a.m. in New York. Fourth-quarter net income dropped to $732 million, or 3 cents a diluted share, from $1.99 billion, or 15 cents, a year earlier, according to a statement today from the Charlotte, North Carolina-based firm. Revenue declined 25 percent as unwanted units were sold and results were sapped by regulatory settlements and accounting expenses.
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