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Bank of America Corp. posted a 32% drop in third-quarter net income as the company recorded $247 million in write-downs related to leveraged buyout loans, $607 million in trading losses and sharply higher credit-loss provisions.

Shares slumped in premarket trading, falling to $48 from Wednesday's close of $50.03.

The nation's No. 2 bank by market capitalization, which hadn't given write-down and loss projections guidance like many of its rivals, reported net income of $3.7 billion, or 82 cents a share, compared with $5.42 billion, or $1.18 a share, a year earlier. In addition to the write-down and trading losses, Bank


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That's because I am not working at their trading desk!

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