HomeIndustriesBank of America Delivers Strong Q1 Results While Goldman Sachs Tumbles

Bank of America Delivers Strong Q1 Results While Goldman Sachs Tumbles

Bank of America and Goldman Sachs both released their first quarter results on Tuesday, providing observers with an insight into how financial institutions are coping following last month’s financial sector uncertainty sparked by the failures of Silicon Valley Bank and Signature Bank.

These two banks provided two divergent views of financial institutions’ performance post-banking turmoil, with Bank of America exceeding expectations while Goldman Sachs struggled.

Bank of America’s stock rose by 2.6% during pre-market trading on Tuesday after the bank earnings of $8.2 billion; up 15% from the first quarter of 2022. Compared to the fourth quarter of 2022, Bank of America’s net interest income remained fairly constant at $233 million.

Goldman Sachs reported earnings of $3.1 billion; down from the $3.83 billion reported during the first quarter of 2022. Its investment banking revenue was down 26%, while its advisory fees were down 27%. The investment company’s stock was 3% lower during pre-market trading.

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