Bank of America traders posted trading revenue on every business day of the third quarter, the first three-month period without a daily loss since the start of 2014, even as total trading revenue declined.
Global markets, the bank’s trading operations run by CFO Thomas Montag, reported third-quarter profit more than doubled to $1bn from a year earlier because of lower litigation costs. Revenue slid 5% to $3.76bn, fuelled by an 11% decline in fixed-income trading. Equities trading revenue rose 12%, the bank said earlier this month.
Montag and his team 'have got the business pretty well positioned in terms of effectiveness', CEO Brian Moynihan said in a conference call with analysts on October 14.
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