Flying Bri

15 January 2020 By John Foley Follow @johnsfoley

The $318 bln lender’s boss oversaw shrinking revenue last quarter as rivals’ grew. The bank routinely reports middling returns on equity and as an investment has been just okay. But given the hand he was dealt, Brian Moynihan’s 10-year stint looks like a financial success story.

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Bank of America reported $6.7 billion of net income applicable to common shareholders on Jan. 15, beating the mean estimate of sell-side analysts of $6.3 billion, according to Refinitiv, but a 4% fall from the same period a year earlier.

Revenue of $22.3 billion was slightly lower than the last quarter of 2019. Average deposits increased 5% from the same period last year, to $1.4 trillion, with a similar increase in the consumer-banking division.

Fixed-income trading revenue grew 25% from the fourth quarter of 2018 to $1.8 billion, while revenue from equities trading fell 4% to $1 billion.

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