-- Bank of America reported more unrealized losses in the especially large portfolio of securities it bought when rates were superlow. The other megabanks posted third-quarter results on Friday that suggested the economy has held up better than expected against higher interest rates, but that trouble could be ahead. Higher interest rates have allowed banks to charge more for loans, though the interest they have to pay to depositors has also risen. Bank of America said net interest income increased 4% to $14.4 billion. Investment banking fees at Bank of America rose 4% to about $1.3 billion.

Source: Wall Street Journal October 17, 2023 13:01 UTC