Bank of America's net income in the first quarter decreased by 18% to 5.6 billion dollars. Link of America announced on Tuesday that its net income in the first quarter of fiscal year 2024 reached 6.7 billion dollars, down 18% from 8.2 billion dollars a year earlier.
Meanwhile, year over year, earnings per share fell by 19% to $0.76, while revenue fell by 1% to $25.8 billion, both beating expectations.
The company's stock fell 0.70% in the pre-market session after the report was released to sell for $35.7 apiece.
As for Morgan Stanley, the bank's revenues increased by 4% in the first quarter to $15.1 billion.
Morgan Stanley reported Tuesday that its first-quarter revenue was $15.1 billion, up 4.1% compared to the same period in 2023 and higher than expected. Net income rose 14.4% year-over-year to $3.4 billion, with diluted earnings per share rising 18.8% year-over-year to $2.02, as the company reached $7 trillion in client assets across wealth and investment management.
Morgan Stanley shares added 1.74% in pre-market trading after the earnings announcement.
