This is what I found on REUTERS.COM:
(Reuters) – Bank of America Corp on Tuesday reported first-quarter revenue that fell short of expectations and predicted that net interest income would rise half as fast this year, sending its shares down.
Bank of America, the second-biggest U.S. bank by assets, followed rival domestic lenders by struggling to generate top-line growth in the latest quarter and suffering from a decline in trading revenue.
The bank’s shares were down 2.7 percent in morning trade.
Lower market volatility hurt trading revenue at U.S. banks during the first quarter. That left them relying on expense cuts to drive profitability.
JPMorgan Chase & Co, the country’s biggest bank by assets, has been the exception. It increased revenue and beat expectations while seeing expenses rise as it invests in new technology.
Information provided by REUTERS.COM.
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