Bank of America's second-quarter earnings will be hurt by a drop in trading revenue, lower-than-expected interest rates and the sale or shuttering of certain assets, according to comments from Chief Executive Brian Moynihan on Wednesday.
Reuters reports that, speaking at an industry conference, Moynihan said trading revenues are on track to be some 10 percent to 12% lower than the second quarter of 2016 because last year's quarter was especially strong. He said first-half trading revenues will still be up by roughly 3% to 4% versus a year ago.
In the meantime, the news agency also reports that Bank of America Merrill Lynch has appointed Ben Davies as head of Metals and Mining for Europe, Middle East and Africa (EMEA), according to a memo seen by Reuters on Wednesday.
Davies, who will join the firm in September, will be based in London and report to Omar Davis, who was recently appointed as head of global mining, the memo said.