Bank of America’s brokerage units posted record first quarter results even as the firm underperformed earnings estimates.

While firm-wide net income of $2.26 billion fell below expectations, the Global Wealth and Investment Management division, including Merrill Lynch Wealth Management, Global Wealth and Retirement Solutions, U.S. Trust, and Bank of America Global Capital Management, reported record earnings on Wednesay. Revenue rose 7% from a year ago to $4.4 billion thanks to higher asset management fees, stronger market performance, higher transactional revenue and higher net interest income. Net income also rose 31% from last year to $720 million.

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