Rough session for bank stocks as BofA flags third quarter business slowdown
Presenting at the Barclays Financial Services conference in New York, Bank of America (BAC) CEO Brian Moynihan said the bank expected third-quarter trading revenue to come in about flat on a year-over-year basis. Investment banking fees are seen at $1.6 billion to $1.8 billion, down from $2 billion a year ago.
Shares quickly dropped 4.3% on the news. Sliding in concert: Goldman Sachs (GS), down 4.1%, Morgan Stanley (MS), down 3.8%, Citigroup, down 4.1%, JPMorgan (JPM) -2.2%, Wells Fargo, -2.7%.
Original sourceCoinDesk
The original source remains the canonical version for attribution, rights, and later updates.
Read original ↗Disclaimer: This article is for information only and does not constitute investment advice. Digital assets involve substantial risk.
← Back to latest