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StockWatch: BOA Underperforms on Earnings

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Bank of America shares dropped by 3% after the banking giant posted second-quarter revenue below analysts’ expectations.

The company said revenue fell 4% from a year earlier, driven by a 6% drop in net interest income because of lower interest rates.

Citigroup posted second-quarter results that benefited from a $1.1 billion boost from releasing reserves the bank had set aside for loan losses.

While the bank managed to top expectations for revenue, the figure declined 12% from a year earlier.

Timestamps:

  • BAC 02:05
  • C 03:40

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