Bank of America has closed this Wednesday with a fall of 1.84% on Wall Street despite presenting good results for the fourth quarter of 2019. The BPA of the entity has risen to 74 cents, above the 68 cents anticipated by the consensus of analysts. Its revenues have stood at 22,500 million dollars compared to the estimated 22,350.
"In an economy with stable growth marked by solid customer activity, hwe have managed to publish another solid quarter one more year ", highlighted the CEO, Brian Moynihan.
Bank of America, the second entity that lends more money throughout the US, is therefore one of the most exposed to the current low-rate environment. By 2020, investors will follow Powell's men closely after the Fed closed 2019 with up to three rate cuts.
Moynihan defended last month that the US economy is still strong and consumption continues to grow. In 2019, Bank of America shares closed the year with a 40% rally, surpassing 29% of the S&P 500. On Tuesday, JP Morgan and Citi opened the results season also beating market expectations.
The only major US bank that was unable to meet or exceed the projections of experts was Wells Fargo, due to the costs associated with its counterfeit scandal.