Here’s what Wall Street expects:
Earnings: 77 cents a share, 9.1% lower than a year earlier, according to RefinitivRevenue: $23.57 billion, 3.1% higher than a year earlierNet Interest Income: $13.6 billion, according to StreetAccountTrading Revenue: Fixed income $2.24 billion; Equities $1.61 billionInvesting Banking: $1.13 billion
Bank of America, led by CEO Brian Moynihan, was supposed to be one of the main beneficiaries of the Federal Reserve’s rate-boosting campaign. But bank stocks got hammered this year amid concerns a recession was on the way, and Bank of America wasn’t spared — it hit a fresh 52-week low on Thursday.
Investors will be eager to see how well the bank’s retail and business customers are holding up amid signs that both inflation and higher interest rates are taking a toll on the economy.
Bank of America shares have fallen 29% this year through Friday, worse than the 26% decline of the KBW Bank Index
Last week, JPMorgan and Wells Fargo topped expectations for third-quarter profit and revenue by generating better-than-expected interest income. CitigroupMorgan Stanleytook a toll on its investment management business.
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