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Wall Street's top executives collectively warned that the trading frenzy that drove record second-quarter profits is cooling, with Bank of America expecting "flat" sales and trading revenue in the third quarter, sending its shares down 5% today.
This week, executives from major U.S. banks successively lowered their forward guidance at an industry conference. Bank of America CEO Brian Moynihan's projection of "flat" sales and trading revenue for the third quarter sent the bank's stock plummeting 5% on the day, dragging down shares of its peers. While JPMorgan Chase and Citigroup offered relatively more optimistic forecasts, their growth has noticeably slowed compared to the explosive gains seen in the second quarter. Goldman Sachs CEO David Solomon stated that the bank's equities business "remains very strong," but revenue from fixed income, currencies, and commodities will "soften somewhat." Goldman Sachs' stock has fallen approximately 7% over the past week.
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