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NEW YORK (Reuters) - Bank of America Corp said on Tuesday quarterly profit sank 95 percent, hurt by more than $7 billion of losses tied to write-downs, poor trading decisions and mounting credit woes.
Fourth-quarter net income for the second-largest U.S. bank fell to $268 million, or 5 cents per share, from $5.26 billion, or $1.16, a year earlier.
Analysts' average forecast was a profit of 19 cents per share, according to Reuters Estimates.
Bank of America shares fell $2.46, or 6.8 percent, to $33.51 in pre-market trading.
"This is a weak set of results, (and) rather disappointing if you look at the core numbers, especially credit quality deterioration," wrote Ed Najarian, an analyst at Merrill Lynch & Co in New York.