Bank of America profit drops 18 percent on weak trading unit

NEW YORK (AP) — Bank of America's first-quarter profit fell more than 18 percent from a year earlier, hurt by weak performance in its trading unit.

Its shares edged lower in pre-market trading today.

BofA said trading revenue fell more than 15 percent to $3.3 billion as it made less money from investment banking fees.

At its consumer banking unit, where the company makes most of its money, profit rose 22 percent to $1.79 billion as people deposited more money into their accounts and took out more loans.