Lates News

Bank of America CEO Moynihan said on Monday that the bank expects third-quarter investment banking revenue to fall by at least 10%, while sales and trading revenue will be flat. Moynihan expects third-quarter investment banking revenue to be between $1.6 billion and $1.8 billion, down from $2 billion a year earlier. He said the deal pipeline remains robust but warned that rising interest rates would slow some financing demand. "We are very confident in the fundamentals of the U.S. economy," Moynihan said.