Brian Moynihan, chief executive officer of Bank of America Corp., during a Bloomberg Television interview in New York, US, on Tuesday, March 19, 2024.
Jeenah Moon | Bloomberg | Getty Images
Bank of America reported first-quarter earnings before the opening bell Tuesday.
Here’s what the company reported compared with what Wall Street analysts surveyed by LSEG were expecting:
- Earnings: 90 cents a share, vs. expected 82 cents per share
- Revenue: $27.51 billion, vs. $26.99 billion expected
Bank of America shares have sold off in recent weeks on concern that President Donald Trump’s tariff policies could cause a recession.
The company’s stock has fallen more than 16% this year through Monday.
But, if it’s anything like its peers, Bank of America is likely to have benefited from a boost in trading revenue in the quarter, while consumer credit and wealth management held up in the period.
JPMorgan Chase, Morgan Stanley and Goldman Sachs each exceeded analysts’ estimates on a boom in equities trading revenue as banks took advantage of volatility in the quarter.
This story is developing. Please check back for updates.