UPDATE April 15, 2026, 22:50 (CET) – Morgan Stanley reported a record-breaking first quarter, notching roughly $20.6 billion in revenue and earnings per share at $3.43—well above forecasts—driven by a surge in trading and solid performance from wealth management. Reuters The stock climbed after the results landed; equities trading set a fresh high, and investment banking saw a bounce, with dealmaking picking up pace. Reuters Market volatility, stoked in part by geopolitical strife, has fed into Wall Street’s trading windfall, though execs pointed out macro risks haven’t gone away.
CHARLOTTE, N.C., April 15, 2026, 08:53 EDT—Bank of America posted its first-quarter 2026 earnings report before the bell Wednesday.
Bank of America posted first-quarter profit up 17% on Wednesday, beating Wall Street estimates as equities trading hit a record, investment banking fees rebounded, and net interest income improved. Net income reached $8.6 billion, or $1.11 a share, up from $7.4 billion a year ago and topping the $1.01 analysts expected.
Bank earnings are coming in strong out of the gate. JPMorgan, Citigroup, and Morgan Stanley each logged gains, driven by a pickup in trading and deal activity—evidence that the biggest banks are finding opportunity in volatile markets and a rebound in M&A. Investors are still watching for fresh headlines out of the Middle East, oil price moves, and whatever signals they can get from the Fed. U.S. index futures were little changed ahead of the open.
So, why pay attention? The first round of big bank earnings offers a window into U.S. consumer and business behavior. CEO Brian Moynihan flagged “healthy client activity,” and asset quality hasn’t budged. The consumer arm posted $11.0 billion in revenue—credit and debit card spending bumped up 7% to $245 billion. Reuters
Revenue after interest expense landed at $30.3 billion, climbing 7%. Net interest income surged 9%, reaching $15.7 billion. The provision for credit losses dropped, sliding to $1.3 billion from last year’s $1.5 billion.
The trading unit did much of the work here. Sales and trading revenue jumped 13% to $6.4 billion, chalking up a 16th straight year-over-year increase. Equities came in hot, up 30% for a record $2.8 billion. Fixed income, currencies, and commodities booked a modest 2% rise to $3.5 billion.
Investment banking also delivered for Bank of America. The firm saw corporate investment-banking fees climb 21%, totaling $1.8 billion. Reuters, citing LSEG figures, highlighted $1.2 trillion in first-quarter M&A volume—even as market volatility lingered, boards kept pushing big deals forward. BofA backed McCormick’s bid for Unilever’s food arm and advised Devon Energy as it picked up Coterra Energy.
Elsewhere in the business, consumer banking reported $3.1 billion, with global banking contributing $2.1 billion and global wealth and investment management at $1.3 billion. Average deposits edged above $2 trillion for the 11th quarter in a row. “Good expense discipline,” Chief Financial Officer Alastair Borthwick said, keeps the bank in a position to invest for growth. SEC
Uncertainty lingers. “Watchful of evolving risks,” was Moynihan’s phrase, while JPMorgan CFO Jeremy Barnum urged caution, telling investors not to draw broad conclusions from a quarter he labeled “unique.” Citi’s finance chief Gonzalo Luchetti, meanwhile, warned that prolonged conflict might weigh on IPOs and deal activity later this year. SEC
Private credit—those corporate loans that bypass banks—continues to draw heavy interest. Bank of America has about $20 billion locked into private-credit portfolio finance loans, and it’s set aside $25 billion for that segment as regulators sharpen their scrutiny on these assets.
BAC was last seen at $53.35 at 8:38 a.m. ET, unchanged from where it finished previously.
