Bank of America Corp
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Financials : Banks | Large Cap Value
Company profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S. Trust, Bank of America Private Wealth Management; Global Banking, which provides a range of lending-related products and services; Global Markets, which offers sales and trading services, and All Other, which consists of equity investments, residual expense allocations and other.

Postmarket

Last Trade
Delayed
$35.48
-0.05 (-0.14%)
Bid
--
Ask
--
B/A Size
--

Market Hours

Closing Price
$35.53
Day's Change
-0.26 (-0.73%)
Bid
--
Ask
--
B/A Size
--
Day's High
35.94
Day's Low
35.50
Volume
(Light)
Volume:
41,121,363

10-day average volume:
56,491,969
41,121,363

Bank of America's stock slips after profit beat expectations but revenue falls shy

7:02 am ET January 19, 2021 (MarketWatch)
Print

Shares of Bank of America Corp. (BAC) slipped 0.2% in premarket trading Tuesday, erasing earlier gains, after the bank reported a fourth-quarter profit that beat expectations but revenue that fell short, as global markets revenue rose less than forecast. Net income fell to $5.5 billion, or 59 cents a share, from $7.0 billion, or 74 cents a share, in the year-ago period. The FactSet consensus was for earnings per share of 55 cents. Total revenue declined 10.1% to $20.10 billion, below the FactSet consensus of $20.58 billion, as net interest income fell 15.5% to $10.25 billion to top expectations of $10.24 billion. Consumer banking revenue fell 13.4% to $8.24 billion, above the FactSet consensus of $8.13 billion, while global markets revenue increased 14.1% to $3.91 billion but missed expectations of $4.10 billion. Equities revenue rose 30% to $1.3 billion, while fixed income, currencies and commodities (FICC) revenue decreased 5% to $1.7 billion. Global banking revenue fell less than forecast and global wealth and investment management revenue declined in line with expectations. "In the fourth quarter, we continued to see signs of a recovery, led by increased consumer spending, stabilizing loan demand by our commercial customers, and strong markets and investing activity," said Chief Executive Brian Moynihan. Earlier, the bank said it had authorized a stock buyback program of $2.9 billion (http://www.marketwatch.com/story/bank-of-america-sets-29-billion-stock-buyback-program-through-march-to-pay-regular-dividend-2021-01-19) through March 31. The stock has rallied 39.2% over the past three months through Friday, while the SPDR Financial Select Sector ETF (XLF) has climbed 25.7% and the S&P 500 has gained 10.0%.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

	

(END) Dow Jones Newswires

January 19, 2021 07:02 ET (12:02 GMT)

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