Bank of America Corp.
The Charlotte, N.C., banker is still trying to shake off troubles arising from mortgages written during the housing bubble.
Higher fees from battling lawsuits and costs related to its mortgage business led to a 39 percent decline in BofA’s first-quarter earnings, the bank said Friday.
Bank of America earned $1.7 billion, or 17 cents per share, compared with $2.8 billion, or 28 cents a share, in the first quarter of last year. Revenue fell to $26.9 billion from $32 billion in the same period last year.
Charles Schwab Corp.
The discount broker said Friday its first-quarter profit surged as the economy and stock markets improved.
The San Francisco company said its net income rose to $243 million, or 20 cents a share, in the three months ended March 31, from $6 million, or less than a penny a share, in the year-ago period.
Mattel Inc.
Sales of Barbie drove up the toymaker’s revenue by 8 percent during the first quarter. But higher costs for its lawsuit over the Bratz dolls and other expenses sent its net income down 33 percent.
In the first quarter, net income fell to $16.6 million, or 5 cents per share, from $24.8 million, or 7 cents per share, last year.
