REUTERS: Bank of America Corp missed revenue expectations in the first quarter but its earnings still beat forecasts as the bank chopped its expenses and expanded its loan book.
JP Morgan & Co, the country's biggest bank by assets, has been the exception, increasing revenue and beating earnings expectations while seeing its expenses rise as it invests in new technology. "Bank of America has demonstrated for years now that we can grow well in an economy that is just growing moderately, even if it is slowing," he told reporters on a conference call.The company has benefited from the central bank's four rate hikes in 2018, while a strong job market has also kept bad loans in check and borrowing healthy. The bank relies heavily on higher interest rates to maximize profits as it has a large deposit pool and rate-sensitive mortgage securities.
However, the bank's trading desks, like those of its peers, have had a slow start to the year because of the U.S. government shutdown and lower volatility. Changes in the U.S. tax code and concerns about a trade war spurred more trading a year ago.
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