B of A beats: Bank of America reported earnings of $4.96 billion, or 41 cents a share, for the third quarter, compared to $4.62 billion, or 38 cents a share, in the same period of 2015. That beat analyst estimates of 34 cents a share. Revenue rose about 3% to $21.6 billion, beating Street forecasts of $20.97 billion.
Wells' hits headwinds: Although Wells Fargo's $185 million penalty to settle its phony accounts scandal didn't have much of an impact on its overall third quarter financial results, there was an immediate and sizeable impact on in its flagship retail banking business. Customer visits with branch bankers fell 10% in September compared to the same month a year earlier, consumer checking account openings plunged 25% and credit card applications dropped 20%. Mortgage referrals from retail banking slumped 24% in September from August. CFO John Shrewsberry said the scandal "will be a headwind" in its retail banking unit going forward. Wall Street Journal, American Banker