BofA CEO expects trading gains for 13th straight quarter while investment banking slips

Written by Saeed Azhar and Arraso Kanaji Basil

Chief Executive Brian Moinhan said on Wednesday that New York (Reuters)-CEO Bianan Mounehan said on Wednesday that New York (Reuters)-CEO Brian Moinhan said on Wednesday that New York (Reuters)-CEO Brian Mounehan said on Wednesday that New York (Reuters)-CEO Bianan Moinhan said on Wednesday that New York on Wednesday said on Wednesday that New York on Wednesday that New York on Wednesday said on Wednesday that New York on Wednesday that New York on Wednesday said on Wednesday that New York on Wednesday. (Reuters)-Bank of America expects its commercial revenues to grow in the middle of the number in this quarter.

In contrast, investment banking fees may decrease to about $ 1.2 billion in the second quarter of $ 1.6 billion in the previous year, and he told investors at a conference. This is not where we want to be, but great possibilities, great conversations, “said Moinhan.

Dealming slowed down this year as US president Donald Trump’s tariff for commercial partners raised the markets in the market and raised concerns about the slowdown in economic growth.

However, banking executives expressed their optimism about a recovery in investment banking services, noting that their commercial departments were spent in volatile markets.

Ted Beck, CEO of Morgan Stanley Ted Pick, said on Tuesday that he expected this quarter to be completed, while Citigroup Banque Vovan said that performance in his banking and commercial departments would improve.

Mounehan reiterated the bank to grow in net benefits this year. The lender expected earlier NII – the difference between what he gains on loans and pays deposits – to climb between 15.5 billion dollars to 15.7 billion dollars in the fourth quarter, compared to $ 14.6 billion in the first.

Bofa’s profits per share are expected to rise to 90 cents in the second quarter of 83 cents in the previous year, as it brings more income from interest payments, according to LSEG estimates.

Moinhan said consumers spend on travel and entertainment, and strong credit quality. But he warned that small companies are more affected by the uncertainty about the definitions.

Separately, Bofa works independently and with other participants in the industry on Stablecoin – a type of cryptocurrency designed to maintain a stable value for the reference asset, such as the dollar.

“We were not completely sure of its size, but we must be prepared,” said Moinhan.

He added that the federal legislation before the Senate that would establish rules on Stablecoins “will allow us to know if there is already a work proposal.”

Large American banks are conducting internal discussions on expansion of encrypted currencies because they get stronger approvals than the organizers, but the initial steps will be temporary, and focus on experimental programs, partnerships or limited encryption trading, Reuters said in May.

(Participated in the reports of Saeed Azhar and Arasu Kannagi Basil; Liberation by Lananh Nguyen and Rod Nickel)