Merrill Lynch Wealth Management loses financial advisors in second quarter
Following the second quarter earnings trend of declining income and we talk a lot about resilienceBank of America’s wealth management business celebrates a number of quarterly highs despite tough economic conditions.
The period also saw the Wall Street giant suffer a further drop in the number of advisers, continues its downward trend Merrill Lynch has continued since surpassing 20,600 advisors two years ago.
Bank of America reported net income of $6.2 billion in the second quarter, down 32% from the $9.2 billion reported a year ago, according to tax returns released on July 18. But BofA’s revenue soared to $22.7 billion – up 6% from $21.5 a year ago – thanks to higher interest rates, a drop in premium amortization and loan growth.
“Our US consumer customers remained resilient with continued strong deposit balances and spending levels. Loan growth continued across our franchise and our markets teams helped clients weather significant volatility reflecting economic uncertainty,” said Bank of America, Brian Moynihan, in a statement.
Scroll down for some of the top takeaways from Report on Monday’s results.