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Earnings Results: Bank of America tops Goldman Sachs in trading

Daniel Acker/Bloomberg
A Goldman Sachs Group Inc. logo hangs on the floor of the New York Stock Exchange.

In the wake of the 2008 financial crisis, Goldman Sachs Group Inc. clung to its position as a leading investment bank.

Bank of America Corp. spent years in the wilderness, its fate tied to a shaky American consumer and its image sullied by lingering effects from the crisis, like the decision to buy troubled mortgage lender Countrywide.

What a difference a decade makes.

On Tuesday, both banks reported earnings and revenues that beat analyst expectations, but that’s about all they had in common. Revenue from institutional clients was down 17% compared with a year ago, Goldman GS, -2.46% said, led by a whopping 40% decline in trading in fixed income, currencies, and commodities.

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