Bank of America was supposed to be one of the big beneficiaries of higher interest rates. Instead, the stock has been the worst performer among peers this year.
Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:Revenue: $25.32 billion, vs. expected $25.14 billionto be one of the biggest beneficiaries of higher interest rates this year. Instead, the company's stock has been the worst performer among its big-bank peers in 2023. That's because, under CEO, the lender piled into low-yielding, long-dated securities during the pandemic.
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