Bank of America, which employs more than 800 people in Ireland, reported an increase in third-quarter profits as the country’s second-largest bank continued to benefit from higher interest rates and its traders delivered their best performance in a decade.
The bank’s Wall Street businesses, notably its fixed-income and equities trading, proved a bright spot in a quarter marked by volatility across bond markets. Spending by BofA’s credit card customers rose 3 per cent in the quarter compared with a year ago. Lending also increased, but only by 1 per cent.
“Our teammates delivered another strong quarter,” said BofA chief executive Brian Moynihan in a statement released with the earnings. “We did this in a healthy but slowing economy that saw US consumer spending still ahead of last year but continuing to slow.”
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Source: IrishTimes - 🏆 3. / 98 Read more »
Source: IrishTimes - 🏆 3. / 98 Read more »