BofA Shares Slide as Tepid Loan Growth Counters Trading Bonanza
- Trading revenue jumps more than expected, banking fees surge
- Lender releases $2.7 billion of reserves on improving economy
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Bank of America Corp.’s traders and investment bankers joined their Wall Street rivals in capitalizing on the stock market’s wild ride this year, but that wasn’t enough to satisfy investors also looking for more lending activity.
Shares fell as much as 4.2% Thursday -- their biggest intraday decline in five months -- after the company reported a decline in loan balances and its executives said higher costs from the pandemic would persist for longer than expected.