Bank of America, Wells Fargo report profit surge as trading activity powers results

Bank of America's earnings per share came in at $0.98, ahead of forecasts, while Wells Fargo reported earnings per share of $1.62 was shy of forecasts for $1.67. Wells Fargo's results included a $0.14 impact related to severance costs in the quarter. Bank of America stock rose about 1% ahead of Wednesday's open; Wells Fargo shares fell about 1%. Revenue at both firms was driven by higher lending revenues and fees from the year-ago quarter. Bank of America's firme-wide revenue rose 7% to $28 billion while We ...