Bank of America Profits Drop Amid High Interest Rates, Investment Banking Shines

Bank of America's second-quarter profits fell 7% year-over-year due to challenges in its consumer banking operations from higher interest rates, but it saw gains in investment banking fees and trading revenue. The bank's net income was $6.89 billion, slightly better than expected, with total revenue rising to $25.37 billion. Despite a decline in net interest income, the bank anticipates improvement later this year as the Federal Reserve lowers rates. Investment banking fees and trading revenue also increased at other major banks like JPMorgan Chase and Citigroup.