BofA CEO Predicts Flat Trading Revenue in Q3
Bank of America CEO Brian Moynihan stated that the bank's trading revenue is expected to remain 'relatively flat' compared to last year’s third quarter, signaling a slowdown from the strong performance seen earlier this year. He also projected investment-banking fees between $1.6 billion and $1.8 billion for Q3, below analysts’ expectations of around $2 billion. Following Moynihan's comments at a Barclays conference, Bank of America shares fell by 3.3%, with rival banks' stocks also declining. The remarks come after a volatile first half of the year marked by record trading revenue in Q2 and broader market turbulence driven partly by AI sector uncertainty and hedge fund turmoil. The flat outlook reflects ongoing challenges for Wall Street firms amid continued market volatility, particularly as chipmakers face pressure from calls to slow down artificial intelligence development.
Topics: Banking Investment Banking Fees Stock Performance Trading Revenue