Bank of America Chairman and CEO Brian Thomas Moynihan testified at a Wall Street oversight hearing by the Senate Banking, Housing, and Urban Affairs committee on Capitol Hill in Washington, DC, on December 6, 2023.
Bank of America is set to report first-quarter earnings before the opening bell on Tuesday. Wall Street expects earnings of 76 cents a share, revenue of $25.46 billion, provision for credit losses of $1.4 billion, fixed income trading of $3.24 billion, and equities trading of $1.84 billion.
The key question is whether Bank of America will follow its rivals in posting better-than-expected Wall Street revenue, as JPMorgan Chase, Citigroup, and Goldman Sachs all exceeded estimates with help from trading and investment banking. Bank of America’s CFO, Alastair Borthwick, indicated that investment banking revenue is expected to increase by 10% to 15% from the previous year, and trading results are expected to remain stable.
Analysts will also be paying attention to the bank’s net interest income, which has been decreasing in recent quarters due to rising funding costs with the increase in interest rates.
This story is still developing, so please check back for updates.
Bank of America’s chairman and CEO, Brian Thomas Moynihan, recently testified at a Senate Banking committee hearing in Washington, DC. The bank is set to report its first-quarter earnings with analysts expecting earnings of 76 cents per share and revenue of $25.46 billion. The provision for credit losses is expected to be $1.4 billion. The trading revenue is projected to be $3.24 billion for fixed income and $1.84 billion for equities. Following the trend of other big banks, analysts are wondering if Bank of America will also beat expectations. Chief Financial Officer Alastair Borthwick anticipates a rise in investment banking revenue and flat trading results. Analysts will also be watching the bank’s net interest income, which has been declining due to rising funding costs with the increase in interest rates. The situation is still developing, so stay tuned for updates.
Source link
