Finance
BofA Leans on Wall Street, Not Main Street, for Strong Earnings
- Traders deliver surprise increase, covering a slight NII miss
- ‘All businesses performed well,’ with market shares up: CEO
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Bank of America Corp.’s second-quarter profit soared after its core Wall Street businesses exceeded analysts’ expectations.
The firm’s fixed-income and equity traders delivered a surprise gain, covering a slight miss in expected net interest income. Revenue from fixed-income, currencies and commodities trading rose 18% to $2.8 billion in the second quarter, as clients reacted to changing interest rates, the bank said. That helped the bank top analysts’ earnings-per-share estimates.