After a record first quarter, Bank of Americas brokerage units maintained much of their momentum through the first half of the year even as volatility and tax season weighed on results.
The Global Wealth and Investment Management division, which includes Merrill Lynch Wealth Management, Global Wealth and Retirement Solutions, U.S. Trust, and Bank of America Global Capital Management, broke the record net income and revenue numbers it set in the first quarter. Earnings across the divisions reached $758 million, up 37.4% year-over-year and up from $720 million last quarter. Revenue rose to $4.5 billion, up 9.9% from last years quarter and up from $4.4 billion last quarter thanks to market performance and record asset management fees of $1.7 billion, the firm said.
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