bankofamerica
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After solid reports from JPMorgan (NYSE:JPM), Wells Fargo (NYSE:WFC), and Citigroup (NYSE:C), traders turned their focus to Goldman Sachs and Bank of America as they continued to search for clues about the strength of the U.S. consumer and economy. Both Goldman Sachs and Bank of America reported earnings and revenue that exceeded expectations for Q3, further solidifying the strong showing of the major U.S. banks in the September quarter. How Goldman Performed in Q3For Goldman Sachs (NYSE:GS), traders were focused on trading revenue stemming from activity in Treasury securities and various asse...
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Key Points Earnings season for the financial sector has shown an upward trend, and Bank of America has blown past analyst expectations, posting double-digit growth.Increased loan balances at the bank drove higher interest income and placed its loan-to-deposit ratio in a competitive range relative to its peers.Conservative guidance in loan growth for the next quarter has removed investor focus from the increases in book value per share and higher-quality credit card balances. Analysts have placed a 20%-plus upside to the stock following these trends.5 stocks we like better than Wells Fargo & Co...
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Following is the unofficial transcript of a CNBC interview with Bank of America (NYSE:BAC) Chair & CEO Brian Moynihan on CNBC’s “Power Lunch” (M-F, 2PM-3PM ET) today, Monday, October 17. Following is a link to video on CNBC.com. Current Consumer Environment Is Quite Strong, Says Bank Of America CEO Brian MoynihanSARA EISEN: Thank you very much Tyler and Brian, good afternoon. Thank you for joining us fresh off these results that the market appears to like very much. Stock is up 6.3%. How much of a driver do you think rising rates are for your business right now? Q3 2022 hedge fund letters, con...
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Bank of America Corp (NYSE:BAC) and Goldman Sachs (NYSE:GS) both topped consensus estimates for their second-quarter earnings results despite tumbling numbers. Goldman reported a 48% decline in profits to $7.73 per share or $2.8 billion on the back of tumbling investment banking revenue across the industry. However, Goldman’s earnings still came in over $1 higher than the average analyst estimate from Refinitiv. Meanwhile, Bank of America reported a 32% drop in earnings at 73 cents per share or $6.25 billion. The firm recorded a $523 million provision due to credit losses. Q2 2022 hedge fund l...
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Following is the unofficial transcript of a CNBC interview with Bank of America Corp (NYSE:BAC) Chairman & CEO Brian Moynihan on CNBC’s “Squawk Box” (M-F, 6AM-9AM ET) today, Monday, May 23 for Davos 2022 in Davos, Switzerland. Following is a link to video on CNBC.com: Bank Of America CEO Brian Moynihan: People Have Not Spent Down Their Stimulus Money YetANDREW ROSS SORKIN: Lots of folks making their way here. A little bit different than in the past, but I think we’re gonna get some insights into what’s going on in the economy around the globe. Lots of concerns, of course, about inflation, abou...
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Consumer Banking Drives Results For Bank Of AmericaResults from the financial sector have been mixed this quarter but Bank of America (NYSE:BAC) stands out. The company’s focus on U.S. consumer banking and the interest rate environment has it set up for earnings growth and that is already being seen in the results. The company reported its Q1 earnings and beat the consensus by more than 500 basis points on strength in net interest income. Net interest income is being driven by continued growth in both loans and deposits and supported by what appears to be a relatively healthy consumer, as well...
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We’ll know a lot more in about two week’s time when they report fresh earnings, but for now it’s safe to say that Bank of America (NYSE:BAC) is still one of the biggest and best of the financial stocks. They recovered quicker than most of their peers from the COVID pandemic and have remained more buoyant than most of them in recent weeks too. It’s been a scary first quarter for banks in general, with the Russian invasion of Ukraine popping up as a headwind few saw coming. Bank of America stock had managed to reach fresh all time highs at the start of February before quickly retracing and falli...
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Following is the unofficial transcript of a CNBC interview with Bank of America Chairman & CEO Brian Moynihan on CNBC’s “Squawk on the Street” (M-F, 9AM-11AM ET) today, Wednesday, February 16. Following is a link to video on CNBC.com: Q4 2021 hedge fund letters, conferences and more Bank Of America CEO Says Consumer Spending Is Strong Despite InflationJIM CRAMER: This morning’s better than expected retail sales data putting the consumer spending, inflation and the Fed in focus. I don't know if anyone knows this stuff more than the man we're about to speak to, Carl. It's Bank of America Corp (N...
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