"Bank of America's Fourth-Quarter Earnings: Profit Decline and Stock Slide"

Bank of America's shares fell over 2% in premarket trading after reporting a more than 50% decline in fourth-quarter net income to $3.1 billion, with earnings per share at 70 cents compared to the expected 68 cents. The bank attributed the decrease to higher deposit costs and lower deposit balances affecting net interest income, despite CEO Brian Moynihan noting strong organic growth and record client activity. Bank of America's stock has seen a 1% decline this year following a modest 1.7% gain in 2023, underperforming its peers due to investments in low-yielding securities during the Covid pandemic.