Bank of America's Profits Drop Despite Strong Adjusted Profit

Bank of America's stock is down 3% despite beating earnings expectations, as investors are concerned about elevated expenses and charge-offs of bad loans. The bank reported a strong quarter with higher investment banking and trading revenues, but also saw a 5% decline in consumer banking revenue and a 7% drop in average deposits. While the bank added new checking accounts and saw gains in wealth management, it also faced increased charge-offs for bad loans, attributed to credit card issues and one-time expenses. Despite the dip, the bank is showing resilience in a turbulent economic environment, making it a consideration for investors seeking exposure to large national banking franchises.