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Bank of America stock closes higher, Goldman Sachs stock falls amid bank earnings

The Yahoo Finance Live team discusses the recent bank earnings releases, including news from Bank of America and Goldman Sachs.

Video transcript

DAVE BRIGGS: We got a glimpse into Wall Street's views of the banking sector after a pair of industry Giants reported quarterly earnings this morning. Bank of America ended the day slightly higher after scoring beats on both the top and the bottom lines, while Goldman Sachs closing lower after beating on earnings but missing on top line revenue.

I guess a bit of a surprise, pretty strong report from Bank of America. But the investors did not agree. And when it comes to Goldman Sachs, shouldn't all that they reported have been already expected by investors?

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JOSH SCHAFER: Right. And I think it largely is, right? I mean, when you look at the stock off about a percent and a half, from what we've seen with bank stocks in the last month, that's not that big of a move in the grand scheme of things. Maybe in certain times you could say that's a big move for Goldman Sachs. It's really not that big of a move in the grand scheme of what we talked about over the last month.

I thought Wells Fargo put a nice bow on bank earnings today. They said, quote, "Goliath is winning," a clean sweep for banks, essentially because some have said the crisis is over, at least for now. I think David Solomon referenced that today. At least the crisis is over for now. And I think that's what people wanted to coming into these earnings, right?

And so that was sort of the biggest takeaway, I think, from today. And then also interesting on that Goldman call to hear David Solomon starting to talk about that Apple relationship. And he said that this gives us another deposit channel. Goldman opening up that savings account yesterday with Apple. And I think you want to talk a little bit more about Apple.

DAVE BRIGGS: Yeah.

JOSH SCHAFER: But I think that's interesting to see Goldman kind of get in that space because obviously we're talking a lot about deposits these days. Where are people going to put their money? Apple now saying, you could put your money with us. It's an interesting development.

DAVE BRIGGS: And I get it. It's a 4.15% interest rate. It's going to appeal to people that just want to keep it all in that Apple ecosystem. By the way, we'll get Morgan Stanley earnings tomorrow.