Americans are ramping up spending. Two other major lenders on Wednesday, Citigroup and Wells Fargo, reported profit and revenue that beat analysts’ expectations. “Our customers are seeing good growth opportunities in a recovering economy,” Brian Moynihan, Bank of America’s chief executive, told analysts on a conference call. Still, the results weren’t entirely rosy: Revenue was $21.5 billion, down 4 percent from the same period a year ago and short of analysts’ expectations. In its consumer business, Bank of America’s average total outstanding loans were off 12 percent, to $282 billion, from last year — taking some shine off the increase in profits.

Source: New York Times July 14, 2021 14:54 UTC