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BofA Joins Bonanza as Wall Street Units Drive Results


BofA Joins Bonanza as Wall Street Units Drive Solid Quarter
Bloomberg
1 hr ago
Lananh Nguyen
© Bloomberg
Bank of America Corp. signage is displayed at a branch in New York, U.S., on Sunday, July 12, 2020. Bank of America is scheduled to release earnings figures on July 16.
(Bloomberg) Bank of America Corp.’s traders and investment bankers reaped another windfall, joining their Wall Street rivals in capitalizing on the stock market’s wild ride this year.
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Revenue from sales and trading rose 17%, a bigger jump than expected, while equity underwriting fees more than tripled. The results echo blockbuster profits at JPMorgan Chase & Co. and Goldman Sachs Group Inc., which benefited from increased trading amid stock-market volatility and a flurry of activity by blank-check companies. ....

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Bank of America Profit Doubles — 3rd Update


Provided by
Dow Jones
By Ben Eisen
Bank of America Corp. said its profit doubled in the first three months of the year after it released money that it had set aside for bad loans.
The Charlotte, N.C.-based lender on Thursday posted earnings of $8.05 billion for the first quarter. That compared with $4.01 billion a year earlier, when banks took big hits to their earnings to begin stockpiling rainy-day reserves at the beginning of the pandemic.
Bank of America made 86 cents a share, beating the 66 cents forecast in a FactSet poll of analysts.
Earnings from the largest banks have reflected heightened optimism about an economic rebound. JPMorgan Chase & Co. and Wells Fargo & Co. said Wednesday they both released money they had socked away last year to cover widespread loan defaults. ....

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Bank of America management offers optimistic outlook on economy, reserves


Bank of America management offers optimistic outlook on economy, reserves
By Noor Zainab Hussain and Elizabeth Dilts Marshall
Reuters
(Reuters) - Bank of America Corp squeaked by Wall Street s first-quarter profit expectations on Thursday, as its capital-markets business posted gains from recent volatility while a handful of special items weighed on results.
Like other major U.S. banks, Bank of America benefited from an improvement in the economic outlook that allowed it to reduce the amount of money it sets aside for potential loan losses. The rollout of vaccines to combat the coronavirus pandemic, combined with government stimulus efforts, have helped the financial industry not just survive but thrive. ....

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