Bank of America shares dropped by 3% after the banking giant posted second-quarter revenue below analysts’ expectations.
The company said revenue fell 4% from a year earlier, driven by a 6% drop in net interest income because of lower interest rates.
Citigroup posted second-quarter results that benefited from a $1.1 billion boost from releasing reserves the bank had set aside for loan losses.
While the bank managed to top expectations for revenue, the figure declined 12% from a year earlier.
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- BAC 02:05
- C 03:40