Bank of America Q3 2025: Profit jumps on dealmaking surge; investment-banking fees +43% and NII +9% as management guides Q4 NII higher

What changed

BAC’s profit rose to $8.5B ($1.06 EPS) on strong investment banking and healthier net interest income; management sees Q4 NII of about $15.6–$15.7B. This underscores a broader rebound in capital markets activity and a supportive (but shifting) rate backdrop.

How this ripples through markets

Big-bank comp sets show trading and IB strength across the street (e.g., $JPM raised its 2025 NII outlook alongside record markets revenue). Rate cuts discussed by the Fed temper NIM tailwinds but can spur loan demand and listings.

WINNERS

Bulge-bracket investment banking & trading

Reason: BAC’s quarter confirms a broad deal/underwriting  ...