Bank of America Traders Get Boost From Market Volatility, Beat Estimates
- Equities trading beats estimates as market volatility rises
- Lender reports increases in loan balances, net interest income
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Bank of America Corp. joined Wall Street rivals in capitalizing on market volatility while also benefiting from an increase in lending.
The company’s trading operation posted $4.72 billion in revenue, down just 7.1% from a year earlier after analysts expected a 16% decline. The best results were in the equities business, where revenue soared 9.5% to a record $2 billion, the Charlotte, North Carolina-based company said in a statement Monday.