Bank of America to report first-quarter earnings

In a Bloomberg Television interview in New York, US, on Tuesday, March 19, 2024, Brian Moynihan, the CEO of Bank of America Corp., announced the company’s first-quarter results. The results surpassed analysts’ expectations for both profit and revenue due to stronger-than-expected net interest income and trading revenue. The specific figures reported were earnings of 90 cents per share compared to the estimated 82 cents per share by LSEG and revenue of $27.51 billion versus the expected $26.99 billion.

Bank of America’s shares have recently dropped amid concerns about President Donald Trump’s tariff policies potentially triggering a recession. The company’s stock has declined more than 16% this year up to Monday. However, similar to its competitors, Bank of America is likely to have seen a rise in trading revenue in the quarter, while consumer credit and wealth management remained steady.

Other major banks like JPMorgan Chase, Morgan Stanley, and Goldman Sachs have also outperformed analysts’ projections by capitalizing on increased equities trading revenue due to market volatility in the quarter. The situation is evolving, and updates will be provided as the story progresses.