Bank of America tops expectations as higher rates help offset declines in investment banking
Publishing timestamp: 2023-01-13 11:37:56
Summary
Bank of America reported better-than-expected fourth-quarter earnings and revenue, with higher interest rates helping to make up for a sharp slowdown in investment banking. Consumer banking balances were roughly flat, while credit card and debit spending rose 5% year over year. Net income for the global wealth and investment management business was down 2% year over year, while revenue from fixed income, currency and commodity trading was up 37%. Bank of America's stock was up 4% prior to the report.
Sentiment: POSITIVE
Keywords: breaking news, banks, jpmorgan chase & co, earnings, wall street, business news, markets, breaking news: earnings, breaking news: business, bank of america corp,
Source: https://www.cnbc.com/2023/01/13/bank-of-america-bac-q4-earnings-2022.html