Bank of America profit falls due to lower customer interest payments

BofA's net interest income (NII) -- the difference between what it earns on loans and pays for deposits -- slid 3% to $14 billion. An uncertain economic outlook and shifting expectations for U.S. interest rate cuts have made it more difficult to predict future profits.

Wells Fargo shares fall as lower interest income cuts into profits. Bank reported first-quarter earnings that showed a decline in interest income. Wells Fargo: "Wells Fargo shares fell Friday after the bank reported first quarter earnings" Wells Fargo also reported a fall in net worth of $1.2 billion.

Net income declined to $4.62 billion or $1.20 per share for the three months ended March 31. Wells Fargo's net interest income fell 8% to $12.23 billion. The bank also paid $284 million into a Federal Deposit Insurance Corp fund that was drained last year.