Wells Fargo CEO Charles Schaff, Bank of America CEO Brian Moynihan and JPMorgan Chase CEO Jamie Dimon (from left) during a Senate Banking, Housing and Urban Affairs Committee hearing at Hart Tower Testimony on Wednesday, December 6, 2023, titled “Annual Oversight of Wall Street Firms.”
Tom Williams | Cq-roll Call Inc | 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 a key question after Chief Executive Brian Moynihan told investors in April that 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’s shares fell on Friday after it reported disappointing NII data, showing how focused investors are on the metric.
last week, JPMorgan, Wells Fargo 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.
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