Bank of America Corp. reported a 19% drop in second-quarter profit today as growth in businesses from lending to trading failed to offset the impact of persistently low interest rates.
Bank of America Corp., the second-biggest U.S. lender, posted quarterly profit that more than quadrupled and beat Wall Street estimates as the company quelled claims tied to defective mortgages. The stock rose 3.6% to its highest level in more than three years.
Julius Baer is in discussions with Bank of America about purchasing Merrill Lynch’s non-U.S. wealth management division, as the Swiss private bank looks improve margins through scale.
Bank of America Corp., the second- largest U.S. lender, said first-quarter profit rose amid a rebound in trading and better credit quality. The shares jumped in early trading.
Daily corporate bonds brief
Warren Buffett's Berkshire Hathaway will backstop Bank of America with a $5 billion investment