Bank of America reports 32 percent profit drop

Bank of America announced a 32 percent drop in profits during its third quarter announcement on Thursday.

Bank of America blamed securities trading losses an chargeoffs in declining mortgage values.  The bank earned $3.7 billion during the quarter compared to $5.42 billion a year ago during the same quarter.  Citigroup recently announced similar drops this quarter, reporting a 57 percent drop.

Read more about Bank of America’s profit drop at Orlando Sentinel.