Merrill Lynch, Bank of America and State Street Corp. today reported strong third-quarter results, fueled by a stock market rally and growing signs of an economic upturn.
Merrill Lynch's net earnings were up 50% to $1.04 billion, from $693 million a year earlier, with revenue up 16% to $5.1 billion. Bank of America reported record earnings of $2.92 billion, up 31% from $2.24 billion for the same period last year. Revenue grew 14% to $9.92 billion. State Street reported an 11% net income increase to $202 million, up from $181 million for the year-earlier quarter. Total revenue was $1.1 billion, up 18% from $956 million.