BofA Joins Wall Street’s Trading Comeback; Consumer Unit Slips
- Net interest income drops, dragging down retail profit
- Firm’s 13% trading jump surpasses analysts’ expectations
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Declining interest rates are causing pain for Bank of America Corp.
Shares of the lender fell Wednesday after it reported that net income at the consumer division slid 9.7%, hurt by falling interest income. Bank of America’s retail unit had buoyed the company in recent quarters, driven by loan and deposit growth. It was the first drop in earnings at the division in more than three years.