Finance
BofA Investment Bankers, Traders Help Earnings Top Estimates
- Revenue from equity, FICC trading rises 12% to $4.93 billion
- Net interest income declines less than analysts had expected
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Bank of America Corp.’s Wall Street operations performed better than expected as the company reaped the benefits of volatile markets while net interest income topped analysts’ estimates.
Revenue from equity and fixed income, currencies and commodities trading rose 12% to $4.93 billion in the third quarter, the company said in a statement Tuesday. Investment banking also outperformed expectations, a sign that the long-awaiting rebound in dealmaking is taking hold. That helped Bank of America top analysts’ estimates for per-share earnings.