Four of the country’s biggest banks are posting their financial results on Thursday, a day later. JPMorgan Chase made a solid start to the earnings season.
Bank of America beat analysts’ expectations, reporting a profit of $7.7 billion, or 85 cents per share, for the quarter ended September. The bank’s dealmakers received a record $654 million in advisory fees, similar to their counterparts at JPMorgan, which profits from a hot market for mergers and acquisitions.
“We’ve had strong results as the economy continues to improve,” said Brian Moynihan, CEO of Bank of America. Declaration.
Profit at Wells Fargo beat analyst estimates at $5.1 billion, or $1.17 per share. Wells Fargo’s CEO, Charles W. Scharf, said the bank was focused on solving its problems after being slapped. $250 million fine mortgage applications and a harsh reprimand from a banking regulator last month. This was the last in a series of penalties the bank faced for its behavior. fake account scandal this took more than ten years.
Mr Scharf said these actions were “a reminder that the significant shortcomings that existed when I arrived must remain our priority”. Declaration.
Both banks’ profits included funds released from stocks they had created earlier in the pandemic to hedge against an increase in credit defaults that never happened. Bank of America released $1.1 billion and Wells Fargo released $1.7 billion.
Citigroup and Morgan Stanley also reported earnings Thursday.
On Wednesday, JPMorgan, the nation’s largest bank, beat analysts’ expectations with earnings of $11.7 billion, or $3.74 per share, thanks to the record performance of deal makers advising on mergers and acquisitions.