BofA shares slide after CEO warns of flat trading revenue

Bank of America shares fell 5.1% after CEO Brian Moynihan said third-quarter trading revenue would be relatively flat from a year earlier. He also projected investment-banking fees of $1.6 billion to $1.8 billion, below analyst expectations near $2 billion. The bank’s equities business is growing, but weaker fixed-income activity and a pullback in international prime-brokerage balances are weighing on results.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.