Merrill Lynch, BofA Private Bank Post Flat First-Quarter Profit While Assets, Clients Increase
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Merrill Lynch and Bank of America’s Private Bank posted a flat profit for the first quarter of 2025 amid a strong earnings beat for their parent company. BofA’s wealth unit reported net income of $1 billion in the first quarter, down 0.1% from the fourth quarter and nearly identical to the first quarter in 2024. The wealth division reported total revenue of $6.02 billion for the first quarter, up nearly 8% from $5.59 billion a year ago as clients and assets under management both increased during the period.