Bank of America's Mixed Q1 Results: Trading and Profit Beat Estimates, but Lending Revenue Weakens
Bank of America's trading business saw gains, but the company's elevated expenses and higher-than-expected charge-offs for soured loans failed to meet analyst expectations, with charge-offs totaling $1.5 billion, up 26% from the previous quarter, and exceeding analysts' estimates. Chief Financial Officer Alastair Borthwick noted that the increase in charge-offs on credit cards is a carryover from the previous quarter and is leveling off.