Bank of America will report earnings tomorrow before the bell, and everyone’s hoping for some good news from what used to be one of the sickest banks on Wall Street.
Analysts are expecting earnings per share of $0.24 (down 2 cents from last quarter) and revenue of $22.5 billion (down from $22.8 billion last quarter). That’s also a year over year 32% jump from an EPS of $0.19 a share and revenue of $21.2 billion according to Bloomberg Businessweek.
You’ll note that, in terms of quarter over quarter stats, analysts are clearly not expecting as much of a slow down from BofA as they were from, say, Goldman Sachs.
Q2, as you know, has become a quarter known for face melting set backs on Wall Street.
But the optimism seen in analysts’ expectations from BofA can be traced to a few sources. One is massive cost cutting being undertaken by CEO Brian Moynihan.
Another source is Bank of America’s wealth management business, it shined last quarter even as the firm underperformed in sectors like sales and trading.
All that said, this is still BofA we’re dealing with, so you have to keep a close eye on those legal costs. Countrywide is still taking a nasty bite out of this bank.
See you in the morning.
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