Bank of America (NYSE: BAC) reported third-quarter 2020 financial results before the opening bell on Wednesday. The banking giant reported an 11% decline in Q3 revenues to $20.45 billion, slightly missing the Wall Street consensus. Earnings of $0.51 per share were, meanwhile, stronger than what analysts had anticipated.
BAC shares fell 1.7% immediately following the announcement. The stock has slipped 28% since the beginning of this year.
CEO Brian Moynihan said, “Our Wealth Management business showed once again why it is an industry leader in providing timely advice and guidance to clients, and our Global Banking and Global Markets businesses continued to support the global economy by helping clients raise capital, manage risk and increase liquidity.”
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