Bank of America

Money Moves

Beat Q1 2026 estimates; highest EPS in nearly two decades

The six largest American banks wrapped up first-quarter 2026 reporting with combined net income of $47.3 billion, with trading floors thriving on Iran war volatility even as the outlook darkened. JPMorgan earned $5.94 per share on $50.54 billion in revenue as fixed-income trading surged 21 percent to $7.08 billion, while Citigroup posted its best quarterly revenue in a decade at $24.63 billion. Bank of America earned $1.11 per share, its highest in nearly two decades. Morgan Stanley posted a record equities trading quarter of $5.15 billion and a 29 percent jump in profit. Goldman Sachs led the week with record equities trading revenue of $5.33 billion. The banks announced roughly 5,000 job cuts, using the profit windfall to trim headcount rather than expand.

Updated May 31

Money Moves

Preliminary court approval for $72.5M settlement (April 3, 2026); final approval pending August 27; no admission of liability

Bank of America agreed to pay $72.5 million to settle a lawsuit alleging it ignored red flags in Epstein's banking, including over $170 million in Leon Black payments not reported as suspicious until his 2019 death. On April 3, U.S. District Judge Jed Rakoff approved the settlement, following $290 million JPMorgan Chase and $75 million Deutsche Bank settlements in 2023.

Updated May 30