Goldman Sachs Group Inc. reported the highest annual earnings in three years as underwriting revenue surged to a record and the firm’s reliance on trading fell to the lowest level in more than a decade.
Bank of America Corp., the second- biggest U.S. lender, quadrupled its quarterly profit and beat Wall Street estimates as the company quelled claims tied to defective mortgages. The stock reached its highest level in more than three years.
Shares of U.S. financial firms just staged their biggest annual rally since 1997, creating a bonanza for Wall Street employees who received bonuses in deferred stock. The new year doesn’t hold the same promise.
The Standard & Poor’s 500 Index fell for the week as investors sold shares after the biggest annual gain in more than a decade, as an improving economy heightened concern about the Federal Reserve's schedule for ending stimulus.
Bank of America Corp. , facing an estimated $18 billion bill to resolve mortgage and foreclosure disputes, may cover the cost by liquidating its stake in China Construction Bank Corp., according to Citigroup Inc.