Bank of America missed revenue expectations
After Wells Fargo posted mixed quarterly results yesterday, a major American bank did the same.
In Q4 2020, Bank of America had an EPS of 59 cents per share on $20.2 billion revenues. While the EPS came ahead of the 55 cents forecasted, the same cannot be said about the revenue. The latter fell short of the mark by $500 million.
According to Bank of America, most of the revenue shortfall was due to its trading division. It reported $1.74 billion in fixed-income revenue, lower than the $2.11 billion estimated.
For the future, Bank of America announced that it would repurchase $2.9 billion worth of shares and keep its dividend at 18 cents.
After the figures became public, Bank of America stock price lost 1.2% in the premarket session. In 2020, its shares lost 15%.
Read here all about Wells Fargo’s quarter!
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