Moynihan Says Bank Is Still Strong, Even If Trading Revenue Comes In Flat

Summary

Bank of America CEO Brian Moynihan tells Bloomberg's Dani Burger that third-quarter trading revenue will be relatively flat versus last year's strong comparable, but the quarter should still be one of the bank's best third quarters ever. He attributes the pause to rate volatility, deleveraging and normalization after an AI-driven, high-volume second quarter, while saying core net interest income, wealth management, credit quality and consumer spending remain solid. Moynihan also says the investment-banking pipeline and M&A conversations are strong and should convert once rates stabilize.

• BofA expects Q3 trading revenue to be relatively flat year over year.
• Moynihan says flat trading would still put Q3 among BofA's best third quarters.
• He cites rate volatility, deleveraging and AI-driven Q2 volumes as key trading drivers.
• Investment-banking pipeline and M&A conversations are described as strong.
• Wealth management revenue is expected to rise 10-15%.
• Core net interest income, credit quality and consumer spending are described as solid.
• Moynihan expects rate stability to support trading and capital-markets activity.
• He says trading activity should resume and grow from current levels.