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Bank of America CEO says dealmaker fees down by up to 60% in fourth quarter
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Bank of America chief executive, Brian Moynihan, said that investment banking fees at the bank will slide by up to 60% in the fourth quarter, capping a tough year for dealmakers, but expects trading revenue to take up the slack.
"Pools are down by 55-60%," Moynihan said during the Goldman Sachs US financials conference. "Our market share is holding and will be in the same range. The good news is on the trading side, we're going to be up 10-15%."
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