Wells Fargo CEO Charles Scharf, Bank of America CEO Brian Moynihan and JPMorgan Chase CEO Jamie Dimon (from left) at Hart Tower Testimony before the Senate Banking, Housing and Urban Affairs Committee Hearing, “Annual Oversight of Wall Street Firms,” on Wednesday, December 6, 2023.
Tom Williams | Cq-roll Call Corporation | Getty Images
Bank of America It is scheduled to release second-quarter earnings before the market opens on Tuesday.
Here’s what Wall Street expected:
- Earnings: 80 cents per share, according to LSEG
- Revenue: $25.22 billion, according to LSEG
- Net interest income: $13.88 billion (FTE), according to StreetAccount
- Provision for credit losses: $1.49 billion, according to StreetAccount
How is Bank of America responding to the interest rate environment?
That’s the key question from CEO Brian Moynihan Tell Investors in April believed net interest income would bottom out in the second quarter.
This indicator, called NII, is the difference between a bank’s loan income and the amount it pays out to depositors on savings. This is one of the main ways banks make money.
Wells Fargo shares fall after Friday announcement disappointed NII data shows how much investors care about this indicator.
last week, JPMorgan, FuGuo bank and Citigroup Each beat revenue and profit expectations, consecutively Goldman Sachs Monday, benefiting from a rebound in activity on Wall Street.
This story is developing. Please check back for updates.
