CEOs, from left, Charles Scharf, Wells Fargo, Brian Moynihan, Bank of America, and Jamie Dimon, JPMorgan Chase, testify during the Senate Banking, Housing and Urban Affairs Committee hearing titled “Annual Oversight of Wall Street Firms,” in Hart Building on Wednesday, Dec. 6, 2023.
Tom Williams | Cq-roll Call, Inc. | Getty Images
Bank of America reported its second-quarter earnings before the market opened on Tuesday.
Here's what the company reported compared to what Wall Street analysts surveyed by LSEG expected:
- Earnings: 83 cents per share, versus 80 cents per share expected
- Revenue: $25.54 billion, versus $25.22 billion forecast
How is Bank of America handling the interest rate environment?
That's a key question after CEO Brian Moynihan told investors in April that net interest income would bottom out in the second quarter.
The measure, known as NII, is the difference between what the bank earns on loans and what it pays depositors for their savings. It is one of the main ways banks make money.
Wells Fargo shares fell on Friday after it reported disappointing NII figures, demonstrating just how obsessed investors are with the metric.
Last week, JPMorgan Chase, Wells Fargo and Citigroup Each beat revenue and profit expectations, a streak that continued Goldman Sachs on Monday, helped by a rebound in activity on Wall Street.
This story is developing. Please check back for updates.
