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Bank of America CEO Brian Moynihan stated that Q3 trading revenue is expected to be flat and investment banking revenue will fall short of expectations, causing the bank's stock price to plummet nearly 6% during intraday trading.
Bank of America CEO Brian Moynihan said on Monday that third-quarter trading revenue would be "relatively flat" compared to the same period last year, and that investment banking fees are expected to be between $1.6 billion and $1.8 billion, below analysts' previous estimate of $2 billion. Following his remarks, Bank of America's stock price fell by nearly 6% during intraday trading, making it the worst-performing stock in the KBW Bank Index for the day. Goldman Sachs and Citi's stock prices also fell by 4.3% and 4.2%, respectively.
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