BofA profit beats estimates as it cashes in on higher rates, bond trading

from higher interest payments in the first quarter, while setting aside billions of dollars to prepare for a worsening economy.

While consumers remain in good financial health, commercial clients have become more cautious about the economic outlook, he said. "We would also expect to see expense reductions coming from headcount reductions through attrition," he said.Analysts at Piper Sandler said while the bank had delivered a big beat in earnings, the "market may not reward the shares" so much as earnings were driven by "perhaps unsustainably strong market making activities."

"This, together with strong sales and trading revenues and the seventh consecutive quarter of positive operating leverage, more than offset the adverse impact of modest deposit outflows."

BofA deez nuts

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