Bank Of America Corp (NYSE: BAC) shares got a boost on Tuesday as profits jumped 10%, but CEO Brian Moynihan warned that consumer spending is slowing.
What To Know: Bank of America reported third-quarter earnings of 90 cents per share as net income climbed 10% year-over-year to $7.8 billion. The company's revenue results increased 2.9% year-over-year to $25.32 billion.
Bank of America said it added clients and accounts across all business lines, and noted that it did so in a "healthy but slowing economy" as consumer spending has been decelerating.
Why It Matters: Moynihan put the spending slowdown in perspective Tuesday morning during an interview on CNBC's "Squawk ...