The Global Wealth and Investment Management segment of Bank of America has reported a net income of $706m for the fourth quarter of 2014, down 9% compared to $778m a year ago.
However, the division’s revenue increased 3% from the year-ago quarter to $4.6bn, driven by higher noninterest income with record asset management fees, partially offset by lower transactional activity.
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Noninterest expense increased 5% to $3.4bn, driven by higher revenue-related incentive compensation and support costs.
The number of wealth advisors increased by 714 advisors from the year-ago quarter to 17,231, and full-year attrition levels were at historical lows since the Merrill Lynch merger, the bank said in its earnings statement.
Commenting on the results, Bank of America CEO Brian Moynihan said: "Last quarter, consumer deposits and loan originations were solid; wealth management client balances grew to $2.5 trillion; we increased lending to middle-market and large companies; and we retained a leadership position in investment banking.
"There’s more work and tremendous opportunity ahead as we improve on the platform we’ve built to serve our customers and clients, and we enter 2015 in good shape to manage both the opportunities and the challenges the markets and economy will offer."
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