- Bank of America (BAC) reported a profit of $6.2 billion, or $0.56 per share.
- Revenues were up 6% at $28.8 billion.
- Analysts expected an EPS of 20 cents per share on revenues of $25.95 billion
The New York Times is buying Wirecutter for $30 million, while U.S. banks roll out Zelle, a money-transfer platform.
Monetary policy headwinds, legal issues and scandals have put the banking sector on edge this year.
Return on tangible equity is a key profitability measure for U.S. banks, and Citigroup is nowhere close to meeting the 10% threshold that CLSA analyst Mike Mayo says investors demand.