Bank of America, the No. 2 U.S. bank by assets, reported an 18 percent slide in quarterly profit as concerns about a global economic slowdown and uncertainty about the pace of U.S. interest rate increases dampened bond and stock trading.
The profit was in line with low expectations after what was widely being seen as the grimmest quarter for the banking industry since the 2007-08 financial crisis.
Market volatility stemming from a slide in commodity and oil prices, worries about China's economy and uncertainty about interest rates hit trading activity globally in the quarter, particularly in January and February.
Net income attributable to common shareholders fell to $2.22 billion, or 21 cents per share, in the three months ended March 31, from $2.72 billion, or 25 cents per share, a year earlier.
Revenue for the quarter came in at $20.9 billion, against the comparable year-ago figure of $21.42 billion.
Analysts had expected to report earnings of about 20 cents a share on $20.3 billion in revenue, according to a consensus estimate from Thomson Reuters.