Brian Moynihan, Bank of America, speaking at the WEF at Davos, January 21, 2020
Bank of America posted second-quarter earnings that were bolstered by stronger-than-expected bond trading and investment banking revenue.
The bank said it generated earnings of $3.5 billion, or 37 cents a share, exceeding the 27 cents a share expected by analysts surveyed by Refinitiv. However, revenue of $22.5 billion barely edged out analysts’ estimate of $22 billion.
Bank of America’s trading division, similar to what rivals JPMorgan Chase and Citigroup have disclosed, helped offset the drag caused by the coronavirus pandemic. The lender increased reserves for credit losses by $4 billion, and lower…