By (Reuters) – Bank of America reported higher profit on Thursday as its investment bankers capitalized on resurgence in dealmaking in the fourth quarter.
The second-largest U.S. lender’s net income rose to $6.7 billion, or 82 cents per share, it said on Thursday. That compares with $3.1 billion, or 35 cents per share, a year earlier.
Wall Street profits rebounded last year as mergers and acquisitions recovered from a decade-low in deal volumes in 2023. Capital markets also roared back as improving confidence spurred companies to issue equity and debt.
Bankers anticipate a stronger 2025 for dealmaking, helped by President-elect Donald Trump’s vow to implement pro-business policies.
BofA’s investment banking fees jumped 44% to $1.7 billion in the fourth quarter, compared with a year earlier.
