Bank of America's Q4 Profit Plunges 56% Amid Regulatory Charge and Trading Revenue Miss
Bank of America reported a 10% decrease in Q4 revenue, with adjusted net income of $5.9 billion and adjusted EPS of $0.70, beating consensus. The bank's CFO highlighted organic growth and the addition of 4.6 million credit card accounts in 2023. Despite the revenue dip, the bank saw an increase in net income for its Global Markets segment. The efficiency ratio for the quarter was 81%, and the bank's CET1 ratio improved to 11.8%.