Big bank earnings have dropped with Bank of America (BAC, $32,26) setting pace as it meets its revenue expectations of $22.7b, an increase from the $21.47b. This was aided by a 19% increase in fixed income trading revenue to $2.3b. It reported earnings of 73 cents per share though 75 cents per share was predicted. This was a decrease of 29% from the $1.03 per share in the previous year. Furthermore, as a result of the company making a $523m provision for credit losses, the bank's earnings fell 32% to $6.25b. 

Meanwhile, Goldman Sachs (GS, $301,26) revenue and earnings surpassed predictions as the bank posted its second-quarter figures, gaining more than $700m in revenue. Goldman Sachs announced earnings of $7.73 per share as opposed to the expected $6.58, and revenue of $11.86b rather than the anticipated $10.86b.