Moynihan Says Bank Is Still Strong, Even If Trading Revenue Comes In Flat

• Bank of America anticipates 'relatively flat' trading revenue for Q3, but still expects it to be one of the best Q3s in the company's history.
• The flat trading revenue is a comparison to an 'explosive' Q2 and a strong Q3 last year, with equities up and fixed income slightly down.
• Investment banking activity is strong with a full pipeline of IPOs and secondary offerings, though debt financing awaits rate stability.
• Core net interest income is performing as expected, credit quality is good, and consumers are actively spending.
• Wealth management revenue is projected to increase by 10-15%.

Bank of America CEO Brian Moynihan expects trading revenue to be 'relatively flat' for the current quarter compared to last year, but notes this would still represent one of the bank's best third quarters ever. He attributes the moderation to a comparison with an 'explosive' second quarter and a strong prior-year period, alongside market adjustments to rising rates and deleveraging. Despite this, investment banking activity remains strong, and wealth management revenue is projected to grow 10-15%.