Two of the nation's largest banks, JPMorgan Chase & Co (NYSE: JPM) and Morgan Stanley (NYSE: MS), reported quarterly earnings Thursday that failed to meet analyst expectations, and more seriously, profits were dow
Bank of America Corp (NYSE: BAC) shares are trading lower by 3.38% to $29.81 Thursday morning. Shares of banks and financial services companies at large are trading lower in sympathy with JP Morgan Chase and Morgan Stanley, which reported worse-than-expected second-quarter results.
The investment banking (IB) business, one of the major revenue sources of Bank of America (NYSE: BAC), is not expected to have performed impressively in second-quarter 2022. Thus, the same is not likely to support BAC's results, scheduled to be announced on Jul 18.
Bank of America (NYSE:BAC) has outperformed the market over the past 10 years by 4.02% on an annualized basis producing an average annual return of 14.93%. Currently, Bank of America has a market capitalization of $256.46 billion.