Bank of America Chairman and CEO Brian Thomas Moynihan speaks during a U.S. Senate Banking, Housing and Urban Affairs Committee hearing on Wall Street firms on Capitol Hill in Washington, U.S., December 6, 2023.
Evelyn Hockstein | Reuters
American bank reported fourth-quarter results before Friday’s opening bell.
Here’s what the company announced compared to what Wall Street analysts polled by LSEG, formerly known as Refinitiv, expected:
- Earnings: 70 cents vs. expected 68 cents per share
Shares of Bank of America are down more than 1% this year after a mere 1.7% gain in 2023. The S&P 500 financial sector has gained 10% last year.
The bank was expected to be one of the biggest beneficiaries of higher interest rates last year, but lagged behind peers as the lender piled up low-yielding, long-dated securities during the Covid pandemic. These securities lost value as interest rates rose.
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