Bank of America, like rival big banks JPMorgan Chase, Citigroup and Wells Fargo, benefits in the third quarter from President Donald Trump's tax cuts.
The prime rate is the lowest rate at which money can be borrowed from commercial banks by non-banks. It typically tracks with the federal funds rate and is generally about 3% higher than the Federal Reserve's rate.
Citigroup posts a big jump in third-quarter profit, thanks to President Donald Trump's tax cuts.
Getting ahead in an investment bank isn't easy by any stretch of the imagination. TheStreet talks with Goldman Sachs executive Sheila Patel on how she has successfully risen the ranks at the firm.
JPMorgan Chase reports earnings on Friday.
Trump criticizes the Fed's moves on interest rates after markets slump.
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