Bank of America Chairman and CEO Brian Thomas Moynihan speaks during the U.S. Senate Banking, Housing and Urban Affairs Committee oversight hearing on Wall Street firms, on Capitol Hill in Washington, U.S., December 6, 2023.
Evelyn Hockstein | Reuters
Bank of America reported fourth-quarter earnings before the opening bell Friday.
Here’s what the company reported compared with what Wall Street analysts surveyed by LSEG, formerly known as Refinitiv, were expecting:
- Earnings: 70 cents, vs. expected 68 cents per share
Bank of America stock is down more than 1% this year after a mere 1.7% gain in 2023. The S&P 500 financial sector gained 10% last year.
The bank was supposed to be one of the biggest beneficiaries of higher interest rates last year, but it underperformed its peers because the lender had piled into low-yielding, long-dated securities during the Covid pandemic. Those securities lost value as interest rates climbed.
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