Bank of America's Profits Decline Due to Weakened Lending and Interest Income

Bank of America's first-quarter profits dropped 18% due to a 3% fall in net interest income, impacted by higher deposit costs outweighing higher asset yields and modest loan growth. This reflects the challenges faced by major banks, including JPMorgan Chase, Wells Fargo, and Citigroup, as they struggle with higher interest rates. Despite this, Bank of America saw growth in its Wall Street operations, with record revenue in wealth management and a 35% increase in investment banking revenue compared to last year.