Bank of America CEO Brian Moynihan says the bank expects investment banking fees in the third quarter to fall by at least 10% from the prior period. In Quartz’s report, the CEO’s warning coincides with the bank’s stock declining after he outlined weaker fee expectations. Moynihan also projects investment banking fees in a range of about $1.6 billion to $1.8 billion for the quarter.
In the broader context, Moynihan frames the outlook alongside expectations for other revenue areas. Quartz reports that trading revenue is expected to be flat year over year, suggesting that weakness is more concentrated in investment banking fees rather than across the full markets business. Investing.com similarly focuses on the CEO’s view that investment banking fees are set to decline meaningfully in the third quarter, centering on the size of the expected drop.
Across outlets, the emphasis remains on the same core message: a projected double-digit decline in investment banking fees, with trading revenue expected to hold steady year over year. The outlets differ mainly in how they describe the market reaction and the level of detail provided about specific revenue line items.
