The news: Bank earnings kicked off on Monday this week with Goldman storming through Q1 with a 28% profit surge, but US behemoth Bank of America (BofA) stumbled during the first three months of 2024, falling 18%. Morgan Stanley and BNY Mellon also reported on Tuesday, beating profit estimates. The numbers: BofA reported a drop in Q1 profit, falling to US$6.7 billion ($10.46 billion) from US$8.2 billion a year earlier. Conversely, Morgan Stanley and BNY Mellon beat estimates with Q1 profits surging 14% and 5% respectively. The context: Investment banking helped drive Morgan Stanley's Q1 performance, as an increase in dealmaking pushed the division's revenue up 16% from a year earlier. Despite BofA's profit drop, investment banking also proved to be a silver lining as IB fees jumped 35% to US$1.6 billion from the year prior – working to offset a decline in interest payments linked to easing borrower demand.