Bank of America Slips as Fee Outlook Dimmed for Q3
TL;DR
Bank of America shares fell about 5% to $59.47 after CEO Brian Moynihan warned that investment banking fees and trading results will weaken in Q3, signaling at least a 10% drop in related fees; the move came amid broader market weakness with rivals like JPMorgan Chase and Wells Fargo also lower as higher yields and slower deal activity dampen banking earnings.
Topics:businessmarkets#bank-of-america#banking-sector#investment-banking-fees#market-reaction#markets#q3-outlook
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- Bank of America expects third-quarter investment banking fees to fall more than 10%; shares slide CNBC
- BofA CEO’s Trading Revenue Warning Sends Bank Stocks Falling Bloomberg.com
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- Bank of America leads financial services stocks lower on weak Wall Street fee forecast Yahoo Finance
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