Bank of America CEO Brian Moynihan speaks on CNBC’s Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland, on January 16, 2024.
Adam Galich | CNBC
Bank of America Fourth-quarter earnings are released before the market opens on Thursday.
Here’s how what the company reported compared with what Wall Street analysts surveyed by London Stock Exchange Group expected:
- Profit: 82 cents, expected 77 cents
- Revenue: $25.5 billion, $25.19 billion expected
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 expectations of a rate cut being 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 delivered better-than-expected results, beating expectations. Morgan Stanley is also scheduled to report results on Thursday.
This story is developing. Please check back for updates.
