The North Carolina company had promised regulators not to close large numbers of branches until December. Meanwhile, vendor contracts, leases and other hurdles have made it hard to accelerate efforts to offset a sudden decline in revenue.
The company posted a surprise increase in third-quarter expenses as it set aside almost $1 billion for customer remediation and $718 million in restructuring charges.
Third-quarter net income dropped nearly 16% from a year earlier as revenues at the company's consumer unit declined at about the same pace and trading revenue gains were below estimates.
Many sectors are concerned about making money in an economic downturn, but those fears are higher in the financial sector, according to a study from Arizent.