{"id":104850,"date":"2021-01-22T16:39:54","date_gmt":"2021-01-22T16:39:54","guid":{"rendered":"https:\/\/fin2me.com\/?p=104850"},"modified":"2021-01-22T16:39:54","modified_gmt":"2021-01-22T16:39:54","slug":"bofas-wall-street-unit-falls-short-of-rivals-during-bumper-year","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/bofas-wall-street-unit-falls-short-of-rivals-during-bumper-year\/","title":{"rendered":"BofA\u2019s Wall Street Unit Falls Short of Rivals During Bumper Year"},"content":{"rendered":"<p><meta itemprop=\"security\" content=\"BAC US Equity\"><meta itemprop=\"type\" content=\"SecurityLink\">Bank of America Corp.\u2019s traders had a good year &#8212; but not as good as their rivals.<\/p>\n<p>Revenue from sales and trading rose 7% to $3.06 billion in the fourth quarter, missing analysts\u2019 $3.15 billion forecast. The division, helmed by Jim DeMare, was hurt by unexpected weakness in fixed-income trading. Competitor <meta itemprop=\"security\" content=\"JPM US Equity\"><meta itemprop=\"type\" content=\"SecurityLink\">JPMorgan Chase &amp; Co., meanwhile, <meta itemprop=\"suid\" content=\"QMZBCKDWRGG6\"><meta itemprop=\"type\" content=\"StoryLink\">reaped a windfall from frenetic trading and volatile markets during the pandemic.<\/p>\n<p>Fixed income revenue slumped \u201cas weaker trading performance in macro products and mortgages outweighed gains in credit,\u201d the bank said in a <meta itemprop=\"suid\" content=\"QN6JB1MB2SK3\"><meta itemprop=\"type\" content=\"StoryLink\">statement.<\/p>\n<p>Investment bankers and traders have carried the load for their firms this year as consumer divisions came under pressure from the Covid-19 outbreak that shut down businesses and put millions out of work. After <meta itemprop=\"suid\" content=\"QDHGT0T1UM18\"><meta itemprop=\"type\" content=\"StoryLink\">setting aside tens of billions of dollars to cover potential loan losses during the crisis, the largest lenders have fared surprisingly well. They even <meta itemprop=\"suid\" content=\"QLOTH1DWX2PU\"><meta itemprop=\"type\" content=\"StoryLink\">got approval last month from the Federal Reserve to buy back shares.<\/p>\n<p>Bank of America said its board <meta itemprop=\"suid\" content=\"QN6HX4MB2SJK\"><meta itemprop=\"type\" content=\"StoryLink\">authorized the repurchase of $2.9 billion of shares through March, the most allowed under Fed guidelines.<\/p>\n<p>Bank of America shares fell 1.6% to $32.48 at 7:26 a.m. in early New York trading.<\/p>\n<p>Investment-banking fees jumped 26% to $1.86 billion, beating the $1.62 billion estimate. The division, led by Matthew Koder, benefited from equity underwriting and mergers and acquisitions fees during the quarter.<\/p>\n<p>The Charlotte, North Carolina-based company\u2019s net interest income, or revenue from customer loan payments minus what the company pays depositors, decreased 16% to $10.3 billion.<\/p>\n<p>Also in the fourth-quarter results:<\/p>\n<ul>\n<li>The efficiency ratio, a measure of profitability, improved to 69% from 71% in the third quarter.<\/li>\n<li>Net income fell to $5.47 billion from $7 billion a year earlier. It exceeded the $4.9 billion estimate of 12 analysts. Per-share earnings of 59 cents beat analysts\u2019 55-cent forecast.<\/li>\n<li>Total revenue decreased about 10% to $20.1 billion.<\/li>\n<li>Bank of America said its board authorized the repurchase of $2.9 billion of shares through March, the most allowed under Fed guidelines.<\/li>\n<\/ul>\n<p>Source: <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-01-19\/bofa-joins-its-rivals-in-cutting-reserve-on-signs-of-a-recovery?srnd=premium\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bank of America Corp.\u2019s traders had a good year &#8212; but not as good as their rivals. Revenue from sales and trading rose 7% to [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":104849,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BofA\u2019s Wall Street Unit Falls Short of Rivals During Bumper Year - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/bofas-wall-street-unit-falls-short-of-rivals-during-bumper-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BofA\u2019s Wall Street Unit Falls Short of Rivals During Bumper Year - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Bank of America Corp.\u2019s traders had a good year &#8212; but not as good as their rivals. 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