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Investment Banking

Bank of America profit doubles as deal bonanza fuels 54% gain in fees

The US bank posted net income of $8.1bn in the first three months of 2021, more than double the same period last year

Bank of America CEO Brian Moynihan noted 'near-record levels of deposits, investment flows, investment banking revenue' in the quarter
Bank of America CEO Brian Moynihan noted 'near-record levels of deposits, investment flows, investment banking revenue' in the quarter Photo: Getty Images

Bank of America doubled profits in the first quarter, as Wall Street lenders have been bolstered by a surge in investment banking fees, a continued sales and trading boom and shrinking pandemic loan provisions.

The US bank posted net income of $8.1bn in the first three months of 2021, more than double the same period last year as revenues remained stable at $22.8bn. Both were ahead of analyst expectations.

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