Bank of America's second-quarter profits saw a 7% decline compared to last year due to higher interest rates impacting consumer operations. However, the bank managed to boost investment banking fees and trading revenue. This highlights the ongoing trend of big financial institutions relying more on trading and investment banking amidst tightening margins in consumer banking. CEO Brian Moynihan emphasized the strength of their consumer banking alongside growth in global markets, banking, and wealth management. Although net income fell slightly, total revenue increased, and Bank of America expects net interest income to rise later in the year as interest rates lower. Despite challenges like higher loan loss provisions and credit-card charge offs, the bank's Wall Street operations thrived with increased investment banking fees and trading revenue. Overall, Bank of America's stock saw a positive response, rising more than 2% in pre-market trading.