00:00It's Benzinga, bringing Wall Street to Main Street.
00:03Bank of America reported fourth-quarter results that beat analyst estimates on Wednesday,
00:07citing growth in loans, deposits, and consumer accounts, according to Benzinga.
00:12Loans rose 8% year-over-year and deposits increased 3%,
00:16marking a tenth straight quarter of deposit growth.
00:19Consumer checking accounts grew by about 680,000 net new accounts,
00:24extending a 28-quarter streak of net growth.
00:26Management said artificial intelligence initiatives are supporting account growth and reducing hiring needs.
00:32CFO Alistair Borthwick said headcount was flat during the year
00:36and is expected to decline in 2026 as the bank applies digital and AI capabilities.
00:42Shares traded lower on Wednesday, closing down 3.78% at $52.48.
00:47For all things money, visit Benzinga.com.
