Bank of America said it expects trading revenue to decline this quarter from the previous three months and a year earlier.
Bloomberg News reports that the drop is consistent with customer activity, Chief Executive Officer Brian T. Moynihan said at a conference hosted by Goldman Sachs in New York.
The bank said in a presentation that trading is among its “revenue headwinds” after generating $3.27bn in the third quarter and $2.97bn in the fourth quarter of last year.
“When activity ebbs and flows, we don’t try to replace that activity with non-customer-driven business,” Moynihan said. “We stick to our knitting.”
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Bank of America Says Fourth-Quarter Trading Revenue to Drop
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