Bank of America Corporation BAC · Stock Open Bank of America Corporation in new tab

Bank of America shares fell 4.8% after earnings, with lower sales and trading and investment banking revenue weighing on an otherwise growing core business. The transcript points to a sharp pullback in FICC activity—driven by reduced client activity and changing market conditions—as a key disappointment.

• Net income was $6.9 billion, or $0.91 per share, including a $1.2 billion regulatory settlement charge; excluding it, net income was $8.1 billion, or approximately $1.08 per share.
• Revenue was approximately $30 billion, up around 3% year over year. NII rose 8% to $16.6 billion, while asset management fees grew 17%.
• Markets and investment banking revenue declined. A record third quarter in equities was more than offset by weakness in FICC, including credit, mortgages, and municipals.
• Quarter-end loans rose $34 billion from Q2 to $1.25 trillion, and deposits increased $14 billion to more than $2 trillion.
• Wealth clients generated approximately $41 billion of flows; consumer money movement was up 5% year to date, and card balances grew nearly 5%.