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Bank of America exceeded expectations for third-quarter profit and revenue, driven by strong trading results. The company reported earnings of 81 cents per share, surpassing the 77 cents per share estimated by analysts, and revenue of $25.49 billion, higher than the $25.3 billion estimate. Despite a 12% decrease in net income to $6.9 billion, the bank saw gains in trading revenue and investment banking fees, offsetting a decline in net interest income.
Fixed income trading revenue increased by 8% to $2.9 billion, while equities trading rose by 18% to $2 billion. Investment banking fees also surged by 18% to $1.40 billion. The bank’s performance raised questions about how it will benefit from falling Interest rates, especially after signaling a rebound in net interest income in the second half of the year.
Other major banks like JPMorgan Chase, Wells Fargo, Goldman Sachs, and Citigroup have also reported strong earnings, driven by their investment banking operations. Morgan Stanley is scheduled to disclose earnings on Wednesday. The story is developing, stay tuned for updates.
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Emily Jensen, graduated from the London School of Economics and Political Science (LSE) in the UK in 2015 with a degree in Economics. She specializes in financial markets and international trade. After graduating, she worked as an analyst at an investment bank in London, where she developed expertise in global economic trends. She later transitioned into consulting, focusing on fintech ventures and providing insights into global economic developments. Emily is passionate about the intersection of finance and technology and aims to drive innovation in the financial sector.
