BofA: Equities trading revenues up, overall numbers down

Bank of America probably will report a 5% drop in third-quarter trading revenue amid volatile markets, CEO Brian Moynihan said.

Bloomberg News reports that fixed-income, run by Bernard Mensah and James DeMare, is responsible for the decline, Moynihan said Thursday at a conference sponsored by Barclays in New York. Fabrizio Gallo’s equities business will show a gain, according to Moynihan, who’s also chairman.

'Equities is up strongly', he said. 'That’s partly because of the fundamental work Fab has down repositioning the business over the last few years'.

A 5% decline from last year’s third quarter, when trading revenue was $3.27bn, would be about $3.1bn.

To access the complete Bloomberg News article hit the link below:

BofA’s Moynihan Sees Trading Revenue Down 5% From Last Year

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