Big bank profits likely fell in first quarter but investors don't seem worried
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 10 2024
0mins
Source: Yahoo Finance
- Big Banks' Performance: Major banks like JPMorgan Chase, Wells Fargo, Citigroup, and Bank of America are expected to report lower first-quarter profits compared to the same period last year.
- Interest Rates Impact: Investors are interested in how big banks will benefit if interest rates remain higher than expected in 2024.
- Market Expectations: Analysts are looking at what these banks will do for the rest of 2024 and 2025 rather than focusing on the first quarter's performance.
- Stock Performance: Stocks of major banks have been climbing in 2024, outperforming major indexes, driven by changing expectations of rate cuts from the Federal Reserve.
- Challenges for Regional Banks: Regional lenders may struggle more if interest rates remain high, facing issues with commercial real estate loans and deposit costs.
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Analyst Views on BAC
Wall Street analysts forecast BAC stock price to rise
19 Analyst Rating
15 Buy
4 Hold
0 Sell
Strong Buy
Current: 52.520
Low
55.00
Averages
61.64
High
71.00
Current: 52.520
Low
55.00
Averages
61.64
High
71.00
About BAC
Bank of America Corporation is a bank holding company and a financial holding company. Its segments include Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking and Global Markets. Consumer Banking segment offers a range of credit, banking and investment products and services to consumers and small businesses. The GWIM includes two businesses: Merrill Wealth Management, which provides tailored solutions to meet clients' needs through a full set of investment management, brokerage, banking and retirement products and Bank of America Private Bank, which provides comprehensive wealth management solutions. Global Banking segment provides a range of lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services. Global Markets segment offers sales and trading services and research services to institutional clients across fixed-income, credit, currency, commodity, and equity businesses.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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