Bloomberg News reports that most of the revenue decline will stem from the sale of the bank’s physical-commodities business and higher interest costs from the issuance of preferred stock, Lake said today at an investor conference in New York. The “core performance” of the trading business probably will slip 4%, she said.
JPMorgan’s forecast follows an estimate yesterday from Citigroup that its trading revenue will slide about 5% from a year ago. Bank of America predicted a decline for the business from both the third quarter and a year ago, without giving an estimate for the size of the drop.
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