Bank of America profits rise on Wall Street revival.
Bank of America ( BAC ) more than doubled its fourth-quarter profit, benefiting from a revival in Wall Street deals, outperforming rivals.
Revenue for the quarter was $6.7 billion, up 111 percent from $3.1 billion a year ago. The result lifted its full-year profit to $27.1 billion.
“We finished 2024 with a strong fourth quarter and we believe this broad momentum will position 2025 well for Bank of America,” said CEO Brian Moynihan.
The bank’s bright performance came from its Wall Street business, which followed a two-year drought in trading that saw a resurgence in the industry.
Bank of America increased investment banking fees by 45 percent. The commercial division, meanwhile, increased 13.5 percent from the third quarter.
Strong Wall Street results helped other big banks in the fourth quarter, including JPMorgan Chase ( JPM ), Goldman Sachs ( GS ), Citigroup ( C ) and Wells Fargo ( WFC ).
JPMorgan shouted Additional annual profit In the last quarter of 2024, it generated $14 billion, more than ever before.
Its full-year profit rose to $58 billion, an all-time record for JPMorgan and the largest in U.S. banking history. Fourth-quarter profits were up 50% from the year-earlier period.
In the fourth quarter, Goldman’s revenue rose 105 percent to $4.1 billion, while its full-year profit rose 68 percent to $14.2 billion. Investment banking fees rose 24 percent in the fourth quarter.
Wells Fargo’s investment banking fees rose 59% in the fourth quarter from a year ago, and fourth-quarter revenue rose to $5.08 billion, compared to $3.45 billion a year earlier.
With the GOP taking control of Washington, many bankers hope the negotiations will continue into 2025.
Shares of the biggest U.S. lenders rallied following the election of Donald Trump on hopes that his administration will loosen some rules and apply greater leniency to approve corporate mergers.
The Trump administration is expected to repeal or revise proposed capital rules that could erode future industry profits.
And all the big bank stocks rallied Wednesday following the start of earnings season.
David Hollerith is a senior reporter at Yahoo Finance covering the banking, financial institutions and cryptocurrency space. Follow him on X. @DsHollers.
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