Bank of America Profits Drop 18% as Rising Rates Squeeze Deposit Margins

Bank of America's first-quarter profits dropped 18% from a year ago as net interest income fell due to higher deposit costs
Deposit pricing pressure is rising across major banks like Wells Fargo and Citigroup as interest rates stay high
One sign of deposit cost pressure is Bank of America's non-interest bearing deposits fell 16% to $520.6 billion
Bright spots were Bank of America's Wall Street operations, with investment banking, trading, and wealth management revenue rising
Bank of America's CEO said wealth management hit record revenue and investment banking rebounded this quarter