Bank of America CEO Brian Moynihan speaks with Bloomberg Television in Versailles, France, Monday, May 13, 2024.
Cyril Masihasi | Bloomberg | Getty Images
Bank of America Fourth-quarter earnings are scheduled to be released before the market opens on Thursday.
Here’s what Wall Street expected:
- Earnings per share were 77 cents, according to LSEG
- Revenue: $25.19 billion, according to LSEG
- Net interest income: $14.33 billion FTE, according to StreetAccount
- Trading revenue: $2.41 billion in fixed income and $1.68 billion in equities, according to StreetAccount
How will shifting interest rate expectations affect U.S. banks?
Like rivals, the company expects to benefit from increased investment banking and trading activity in the fourth quarter.
But the company’s fortunes appear to depend more on interest rates and their impact on net interest income than those of other large banks.
Last month, CEO Brian Moynihan told investors his company’s NII target would be about $14.3 billion.
Investors will be eager to know the company’s targets for 2025, especially with interest rate cut expectations dampened.
Moynihan said investment banking fees could rise 25% this quarter, while wealth management revenue could rise 20%.
Wednesday, JPMorgan Chase and Goldman Sachs The Wall Street unit’s results were better than expected and came in above expectations. Morgan Stanley is also scheduled to report results on Thursday.
This story is developing. Please check back for updates.
