Second-quarter profits at Bank of America fell 7% from a year ago as its consumer operations wrestled with higher interest rates, but it was able to churn...
) fell 7% from a year ago as its consumer operations wrestled with higher interest rates, but it was able to churn out more investment banking fees and trading revenue.
There were other signs of challenges for Bank of America and its consumer borrowers. It set aside more money for future loan losses when compared with a year ago, a sign that it expects credit conditions to worsen. And its Wall Street operations really stood out. Investment banking fees jumped 28% from a year ago while its equities trading rose nearly 20%.
Investment banking fees and trading revenue also jumped at JPMorgan Chase, Citigroup, Wells Fargo and Goldman Sachs. ‘We’re drowning in debt… but I drive a BMW’: Young couple has $628.5K debt but no realistic plan to manage it all
Interest Rates Investment Banking Brian Moynihan Net Interest Income
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