Bank of America Corp. is putting more money and balance-sheet resources behind its trading business, according to Chief Executive Officer Brian Moynihan.
“You are seeing much more stability” in sales and trading, with back-to-back quarters of more than $1 billion in profit, Moynihan said in a Bloomberg Television interview Tuesday.
That division, led by Jim DeMare, used to have more volatile earnings and posted one of its best second quarters on record, Moynihan said.
“We will keep giving them more — risk-weighted assets, balance sheet, capital and investments in technology — because that is obviously a very expensive business to run from a day-to-day basis,” Moynihan said.
The company notched its best second quarter ever for stock trading. Investment banking also beat analysts’ estimates, with fees up 28% from a year earlier on the back of a rebound in dealmaking and more debt and equity underwriting.
Moynihan is one of the longest-serving heads of a large US bank, and has signaled his interest in staying on for years to come. He was promoted to CEO in 2010 in the wake of the global financial crisis, and steered the lender through the pandemic and last year’s turmoil in the banking industry.
Shares of the company climbed to a two-year high Tuesday, bringing this year’s gain to 31%, after the bank reported trading and investment-banking results that topped analysts’ estimates. It also gave a forecast for fourth-quarter net interest income, its biggest source of revenue, that exceeded expectations.
Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.
The Harford, Connecticut-based RIA is expanding into a new market in the mid-Atlantic region while crossing another billion-dollar milestone.
The Wall Street giant's global wealth head says affluent clients are shifting away from America amid growing fallout from President Donald Trump's hardline politics.
Chief economists, advisors, and chief investment officers share their reactions to the June US employment report.
"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
