The financial sector in the United States has been doing well during the coronavirus crisis. The annual earnings reports of Morgan Stanley and Bank of America, the largest banking institutions, are proof of this. The companies' income surged by 1.4 and 1.8 times, respectively.
Morgan Stanley's net income soared 1.4 times year-on-year to $15.034 billion in 2021. The corporation's consolidated net income was $59.755 billion, up by 23% from 2020. Diluted earnings per share hit $8.03 compared to $6.46 in 2020. All of these figures are record-breaking for the company. Markets reacted positively to the group's financial report. Following the release, the bank's shares gained 2.4% in premarket trading. Morgan Stanley was founded in 1935. One of its main activities is asset management. The company has offices in more than 40 countries.
Bank of America's results were even more impressive. Its net profit rose 1.8 times to $32 billion in 2021. Total revenue was $89.113 billion, up by 4.2% from 2020. Bank of America CEO Brian Moynihan cites that fourth-quarter results were driven by strong organic growth, record levels of digital engagement, and an improving economy. "This quarter capped a record year of $32 billion in earnings for 2021," he said.
Following the publication of the report, Bank of America shares gained 2.7%.
Bank of America is a diversified global financial institution. It was founded in 1904. It is one of the Big Four banks in the United States, together with Citigroup, JP Morgan Chase, and Wells Fargo.
