NEW YORK, NY / ACCESSWIRE / June 15, 2017 / Bank stocks traded a bit lower on Wednesday as anticipation grew ahead of the Federal Reserve raising its key short-term interest rate yesterday. "We continue to feel the economy is doing well," Federal Chair Janet Yellen remarked. Bank of America and Citigroup weren't as effected as Bank of America saw just a subtle drop and Citigroup had a subtle gain.

RDI Initiates Coverage on:

Bank of America Corporation
https://ub.rdinvesting.com/news/?ticker=BAC

Citigroup Inc.
https://ub.rdinvesting.com/news/?ticker=C

Bank of America Corporation slightly closed into the red on Wednesday, down 0.04%. The company's COO Tom Montag announced that the company would be cutting costs, despite already reaching the bank's annual spending goal of $53 billion. "There's more to do after that," Montag remarked at a conference in New York. "How much technology can we do that replaces people? How many things do we have that we can use it? How much big data can we use that helps us target better and not waste our time on certain things?" He asked, "How much can I spend to lower the amount of people I have that touch this? Can I go from 70 percent straight through to 99 percent? Every one of those things adds up to hopefully make us more efficient." The bank is trying to find more ways to replace people with technology. Shares of Bank of America have seen gains of 105% in the last one year.

Access RDI's Bank of America Research Report at:
https://ub.rdinvesting.com/news/?ticker=BAC

Citigroup Inc. traded fairly flat on Wednesday despite the company's CFO John Gerspach announcing a dismal outlook for the second quarter. Speaking at the Morgan Stanley Financials Conference in New York, Gerspach said that for Q2, the bank expects fixed income and equality markets revenue to fall 12-13% year over year. He said, "Volatility has been very low this quarter, which has certainly led to somewhat of a softer trading environment, especially in the fixed income and equity markets." The leading global bank also raised its base lending rate from 4% to 4.25% on Wednesday which became effective today. For the past three months, shares have risen 5.8%. Shares closed up a modest 0.05% yesterday.

Access RDI's Citigroup Research Report at:
https://ub.rdinvesting.com/news/?ticker=C

Our Actionable Research on Bank of America Corporation (NYSE: BAC) and Citigroup Inc. (NYSE: C) can be downloaded free of charge at Research Driven Investing.

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SOURCE: RDInvesting.com