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Bank of America revenue misses forecasts, shares fall


Added 04-16-19 12:03:02pm EST - “Bank of America Corp on Tuesday reported first-quarter revenue that fell short o...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Bank of America revenue misses forecasts, shares fall”. Below is an excerpt from the article.

(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.

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.

Allowing for different tax treatments on some assets, Bank of America said revenue came in at $23.2 billion. That compared with the average analyst estimate of $23.3 billion, according to IBES data from Refinitiv.

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