Renewed Interest
Bank of America's Bragging Rights Come With an Assist
Rising rates helped the lender inch closer to key profitability targets, but slowing loan growth remains a concern.
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It must be nice for Bank of America Corp. Chairman and CEO Brian Moynihan to enjoy some bragging rights for a change, but he shouldn't get too comfortable.
Rising interest rates combined with strong performances from investment banking and trading lifted Bank of America's earnings well above estimates. The Charlotte, North Carolina-based lender's success stands in contrast to Goldman Sachs Group Inc., which raised eyebrows on Tuesday by posting results that fell short of Wall Street's expectations, and follows years of lagging performance that had made its stock a perennial under-achiever.