Bank of America posts smaller-than-expected loss

Bank of America reported a smaller-than-expected quarterly loss on Wednesday.

The company posted third-quarter loss of 1 cent a share, compared to 20 cents per share in the year-earlier period.

Revenue for the quarter came in at $21.21 billion, against the comparable year-ago figure of $21.53 billion.

Analysts had expected Bank of America to report a loss of about 9 cents per share on $21.36 billion in revenue, according to a consensus estimate from Thomson Reuters.

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The company was expected to report a loss in part because of a $17 billion legal settlement during the quarter. The charges primarily concerned subprime lending conducted by Merrill Lynch and Countrywide-both of which Bank of America acquired during the financial crisis.

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