Bank of America sent a message on the economy much faster than JPMorgan's.
Bank of America is bullish on JPMorgan, and agrees with Wall Street's bear outlook on the North Carolina-based bank.
One reason is that Bank of America is built to serve its consumers and Main Street companies, and JPMorgan's focus is more on Wall Street.
Business lines at Bank of America have been very different since the last recession, or pre-pandemic :
high credit scores and prosperous customers with low mortgages.
The bank has handled a consumer much better in 2007-2009 than before the covid pandemic or the last recession
New credit card and mortgage borrowers have average credit scores at JPMorgan, America's second largest bank, said CFRA Research analyst Ken Lyons.
Average new car loans came in at 791 points during the quarter. The average home equity borrower stood at 797 against 800 in the first quarter.
The bank said total spending by Bank of America customers increased 13% this year to $2.1 trillion,
Bank stocks rose in trading on Tuesday, with Bank of America leading the way.