Bank of America Corp joined its biggest rivals in capitalizing on the stock market bonanza that occurred this year. With the NYSE enduring a wild ride, BofA experienced a 17% rise in sales and trading throughout the first quarter, with equities and underwriting more than tripling.
During a conference call with analysts on Thursday, BofA Chief Executive Officer Brian Moynihan declared the following: “We see an accelerating recovery that has gained momentum and continues to be supported by fiscal monetary policies.”
The recovery that he speaks of was more than necessary. Due to the crippling recession caused by the outbreak of the coronavirus pandemic, countless companies were in dire need of a comeback, and Bank of America recently got just that.
While most sectors have incurred severe damage, the banking sector has remained stable throughout the pandemic. With indications of consumers increasing their spending habits amid mass vaccine rollouts, Bank of America Corp and its rivals look to be facing strong economic prospects in the near future.
Fellow banks such as JPMorgan Chase & Co and Goldman Sachs Group Inc. have also generated significant profits as of late, with trading on the rise amid much stock market volatility.
