Bank of America tops estimates on better-than-expected trading revenue
- Bank of America exceeded estimates with better-than-expected trading revenue, reflecting a recovery in mergers and acquisitions, which increased advisory fees.
- Bank of America’s investment banking fees rose 18% to $1.4 billion compared to the prior year, driven by increased deal activity.
- The Federal Reserve’s recent interest rate cut could encourage more dealmaking, as stated by Moynihan, who anticipated steady investment banking revenue.
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