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Bank of America CEO Sees at Least 10% Drop in Q3 Investment Banking Fees
Brian Moynihan said investment banking revenue should fall to $1.6 billion-$1.8 billion as dealmaking slows after a strong second quarter.
- Bank of America CEO Brian Moynihan announced on Monday that the bank expects investment banking fees to decline by more than 10% in the third quarter, while sales and trading revenue will remain roughly flat.
- Speaking at the Barclays global financial services conference, Moynihan cited Dealogic data, noting the bank is "not as well positioned in some of the businesses that have more activity."
- Moynihan projected third-quarter investment banking revenue between $1.6 billion and $1.8 billion, down from $2 billion in the same period last year, as the banking index fell 2.7%.
- Bank of America shares extended losses following Moynihan's comments, dropping over 5% in afternoon trading on Monday as investors reacted to the subdued outlook.
- Moynihan expressed confidence in the underlying U.S. economy and noted the deals pipeline remains solid, though rising interest rates could slow financing demand.
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The Bank of America (BofA) expects that its investment bank revenues will fall at least 10% in the third quarter, while the revenue from "sales and trading" must remain stable, said Brian Moynihan, the executive president of the institution on Monday (14). Exclusive material for subscribers. To have full access, access the link of the subject and register.
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Bank of America CEO sees at least 10% drop in Q3 investment banking fees
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Coverage Details
Total News Sources19
Leaning Left2Leaning Right1Center5Last UpdatedBias Distribution63% Center
Bias Distribution
- 63% of the sources are Center
63% Center
L 25%
C 63%
12%
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