Bank of America’s second-quarter trading revenue is on track to rise by “mid-single digits,” Chief Executive Officer Brian Moynihan said Thursday, following optimistic comments a day earlier from JPMorgan.
“We feel good about it,” Moynihan, 56, said at an investor conference in New York. Trading in April and May was “consistent with what you’re hearing out there. We feel that for the quarter, we might be mid-single digits up over the last year.”
Bloomberg News reports that JPMorgan’s Daniel Pinto, who runs that firm’s investment bank, said Wednesday that trading revenue is poised to increase by a “mid-teens" percentage in the second quarter from a year earlier. A rebound in businesses including rates trading and some emerging markets are driving the improvement, he said.
Wall Street banks have been chopping costs and cutting jobs in debt-trading operations as stricter regulations and persistently low interest rates have strangled revenue.
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