Bank of America earnings down, Goldman Sachs up in 2020

By Ovunc Kutlu

ANKARA (AA) - Bank of America saw its income and revenue decline in the fourth quarter and in fiscal year 2020, while Goldman Sachs saw its results increase, according to company statements.

Bank of America posted a net income of $5.5 billion in the fourth quarter, down 21.4% from $7 billion during the same period in 2019.

Revenues fell 9.8% to $20.1 billion, from $22.3 billion, during the same period due to "dramatic effects of the health crisis on the economy," according to financial results released Tuesday.

"In the fourth quarter, we continued to see signs of a recovery, led by increased consumer spending, stabilizing loan demand by our commercial customers, and strong markets and investing activity," Chairman and CEO Brian Moynihan said in a statement.

In the fiscal year of 2020, the bank saw total net income fall 34.6% to $17.9 billion, from $27.4 billion during the previous year.

Total revenue was down 6.2% to $85.5 billion from $91.2 billion in 2019.

- Goldman sees higher results

Goldman Sachs saw net income soar 135% to $4.5 billion in the October-December period from $1.91 billion during the same period in 2019.

Revenues jumped 18% to $11.7 billion, from $9.9 billion, during that period, according to financial results announced Tuesday.

In the fiscal year of 2020, total net income reached $9.4 billion -- an 11.9% increase from $8.4 billion in 2019.

Total revenue was up 21.9% to $44.5 billion last year, from $36.5 billion in 2019.

Goldman shares were up 2.5% in pre-market trading on the New York Stock Exchange, while Bank of America’s was down 1.5%.