What you need to know on Wall Street today
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Bank of America Merrill Lynch on Monday matched Citigroup and JPMorgan in reporting first quarter earnings that beat analyst expectations.
The bank reported first quarter net income of $6.9 billion, a record high, driven by higher interest rates and lower taxes. The bank's equities trading unit had a record quarter, echoing a similar performance in that unit at JPMorgan and Citigroup.
Elsewhere in finance news, Goldman Sachs bought money-management app Clarity Money. And $1.6 billion bitcoin exchange Coinbase is snapping up another small crypto company. And billionaire Louis Bacon is reportedly backing a hedge fund manager he once called "the most impressive trader I've ever seen."
In markets news:
- Two cancer drugmakers just presented key data about how new treatments work in lung cancer - and the markets picked a winner
- MORGAN STANLEY: We're already seeing the "true tell" of the start of a bear market
- BANK OF AMERICA: Here are 10 reasons why investors should be pulling money from tech
Lastly, these images of water pouring into New York subway stations show just how dire conditions have become.