Goldman Sachs reported a forty percent drop in bond trading revenue, and Bank of America beat on consumer banking and cost cuts. Roselle Chen reports.
Two big U.S. banks came in with second quarter results. Goldman Sachs reported a forty percent drop in bond trading revenue. But gains in investing, lending, and asset management helped offset the trading slump. Ultimately, Goldman topped Wall Street estimates. The second-largest U.S. bank by assets - Bank of America - reported a higher-than-expected quarterly profit, mostly on strength in its consumer branch and cost cuts. Shares of Goldman and BofA traded in the red early on Tuesday. Last week, JPMorgan, Wells Fargo, and Citigroup took a beating as well after their quarterly results and forecasts disappointed investors. Next up - Morgan Stanley - it reports earnings on Wednesday.