00:00It's Benzinga bringing Wall Street to Main Street
00:02Bank of America expects investment banking fees to fall more than 10% in the third quarter
00:07from a year earlier, while trading revenue is expected to remain roughly flat, according
00:11to CNBC. The outlook follows a strong second quarter when investment banking fees jumped
00:1650% and trading revenue rose 33%. Moynihan said broader investment banking activity is
00:22down about 10% and Bank of America is less exposed to areas seeing stronger activity.
00:26Shares fell 5% Monday following his comments. Citigroup CFO Gonzalo Lucchetti later said
00:31the bank expects low single-digit investment banking revenue growth and mid-single-digit
00:35trading revenue growth in the third quarter. For all things money, visit Benzinga.com.
Comments