Why Recessions Forge Great CEOs Who Think Beyond Cost-Cutting
04/15/2025
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But the CEOs who make history in downturns aren’t the ones with the deepest cuts
April 19, 2023: On Tuesday, Bank of America reported first-quarter earnings and revenue that topped expectations on higher interest rates.
The bank stock erased premarket gains and decreased about 1% in morning trading.
Bank of America said its net income increased 15% to $8.2 billion, or 94 cents per diluted share, from $7.1 billion, or 80 cents per diluted share, a year earlier. Revenue increases 13% to $26.3 billion from $23.2 billion.
The bank stated that its net interest income, what it takes to lend money minus what it pays out to customers, increased 25% to $14.4 billion from a year earlier, thanks to increasing rates.
“Every business segment performed well as we increased client relationships and accounts organically and at a strong pace,” CEO Brian Moynihan stated. “Our results demonstrate how our firm’s decade-long commitment to responsible surge helped to provide stability in changing economic environments.”
The bank said that its noninterest income increased by only 1% to $11.8 billion as higher sales and trading earnings offset lower service charges and refused asset management and investment banking fees.
“We delivered our initial seventh quarter of operating leverage. We further strengthened our balance sheet and had strong liquidity,” Moynihan stated.
In the initial quarter, Bank of America set away $931 million for credit losses. The bank stated that net charge-offs remained below pre-Covid pandemic levels.
Sales and trading earnings gained 7% to $5.1 billion in the quarter. Earnings from fixed income, currency and commodity trading surged by 27% to $3.4 billion, while equities trading earnings decreased by 19% to $1.6 billion.
But the CEOs who make history in downturns aren’t the ones with the deepest cuts
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But the CEOs who make history in downturns aren’t the ones with the deepest cuts
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