Wells Fargo & Co (NYSE:WFC) and Bank of America Corp (NYSE:BAC) shares are trading lower by 1.2% and 0.9%, respectively, Thursday afternoon following worse-than-expected U.S. jobless figures and inflation data. While jobless claims slightly missed consensus estimates, they fell for the sixth straight week.
Wells Fargo is one of the largest banks in the United States, with approximately $1.9 trillion in balance sheet assets. The company is split into four primary segments: consumer banking, commercial banking, corporate and investment banking, and wealth and investment management. It is almost entirely focused on the U.S.
Bank of America is one of the largest financial institutions in the United States, with more than $2.5 trillion in assets.
Bank of America's consumer-facing lines of business include its network of branches and deposit-gathering operations, home mortgage lending, vehicle lending, credit and debit cards, and small-business services.