Breaking News: Bank of America (BAC) Reports Record Earnings in Q4 2024!

During the WEF Annual Meeting in Davos, ⁢Switzerland on January 16th, 2024, Brian Moynihan, the CEO ⁤of⁣ Bank of America, shared insights on CNBC’s Squawk Box.

Bank of America exceeded expectations with its latest financial results, showcasing impressive profits and revenue driven by strong performance in investment banking and interest income.

The company reported earnings of 82 cents per‌ share compared to ⁣the expected 77 cents according to LSEG estimates. Revenue also surpassed expectations at $25.5‌ billion versus $25.19 billion ⁣projected.

Profit soared by 47% to⁢ $6.67 billion ⁢from the previous year due to a significant increase in revenue fueled by higher fees⁢ from investment ⁣banking and asset management as⁤ well as improved trading results.

Notably, investment banking fees saw a remarkable surge of 44% to $1.65 billion,⁣ surpassing analyst predictions by approximately $180 million.

This data indicates that Bank of America had a robust finish to the year following challenges such as FDIC assessments and charges tied to ⁣interest rate swaps in previous years.

2025-01-16 07:12:47
Source ⁢from‌ www.cnbc.com