Four of the country's largest banks publish their financial results on Thursday, a day after JPMorgan Chase has started the results season well.
Bank of America beat analysts' expectations, reporting profit of 7.7 milliards of dollars, or 85 cents per share, for the three-month period that ended in September. The bank's negotiators collected a record advisory fee of $ 654 million, echoing their counterparts at JPMorgan, who also took advantage of a booming market for mergers and acquisitions.
"We delivered strong results as the economy continued to improve," Brian Moynihan, Managing Director of Bank of America, said in a statement .
At Wells Fargo, earnings were $ 5.1 billion, or $ 1.17 per share, also exceeding analysts' estimates. Wells Fargo chief executive Charles W. Scharf said the bank was focusing on resolution of her problems after being slapped with fined $ 250 million for mortgage practices and a scathing reprimand from a banking regulator last month. It was the latest in a series of sanctions the bank has faced for its conduct, including ga fake account scandal that lasted for over a decade.
These actions were "a reminder that the significant shortcomings that existed when I arrived must remain our top priority," Mr Scharf said in a declaration .
The funds released were included in the profits of the two banks from the stocks they had built up at the start of the pandemic to guard against an increase in defaults which never materialized. Bank of America released $ 1.1 billion, and Wells Fargo released $ 1.7 billion.
Citigroup and Morgan Stanley also announced profits Thursday.
On Wednesday, JPMorgan, the country's largest bank, beat analysts' expectations with a profit of $ 11.7 billion, or $ 3, $ 74 per share, fueled by a record performance from its negotiators advising on mergers and acquisitions.