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1/19, 12:48 PM (Source: TeleTrader)
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Bank of America Q4 revenue falls 10% to $20.1B

Bank of America said on Tuesday that the company's revenue in the fourth quarter of 2020 fell 10% on the year to $20.1 billion, falling short of analyst estimates.

Meanwhile, net income in the same quarter was reported at $5.5 billion or $0.59 per diluted share, according to the quarterly update. The banking giant's Chairman and CEO Brian Moynihan said that Bank of America continued to see signs of recovery in Q4 following the "dramatic effects" of the coronavirus pandemic throughout 2020.

"The latest stimulus package, continued progress on vaccines, and our talented teammates – who performed well helping their customers through this crisis – position us well as the recovery continues," Moynihan added.

Shares of Bank of America jumped 0.94% to $33.32 per share immediately after the release during premarket trading.

Breaking the News / JC