Bank of America earnings: 70 cents a share, vs 66 cents EPS expected
div > div.group > p:first-child"> Here's what Wall Street expects:Revenue: $23.3 billion, almost unchanged from a year earlier.Trading Revenue: Fixed income $2.26 billion, Equities $1.21 billionUnder CEO Brian Moynihan, the second biggest U.S. lender has managed to deliver 16 straight quarters of operating leverage as it cuts expenses.
Moynihan has focused on methodically trimming costs while looking for profit opportunities that fit his"responsible growth" mantra. More recently, he has announced that the company's success will be shared with employees: The bank is raising its minimum wage to $20 an hour over the next two years, the highest rate among the megabanks.
To tighten its grip on retail banking customers, Bank of America is also planning to release a digital financial coach for its 66 million customers in the fall. The bank's shares have climbed more than 20% this year, outperforming most of its peers and the KBW Bank Index.
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