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CHARLOTTE, N.C. — Bank of America reported its third-quarter results Monday, earlier than planned, revealing a 68 percent profit drop and plans to boost capital by selling stock and halving its dividend.
Like most other major financial institutions, Bank of America has been hit by significant losses in mortgages, credit cards and other souring debt.
Profit fell to $1.18 billion, 15 cents per share, for the July- to-September period from $3.7 billion, 82 cents per share, in the same period last year.
