BofA’s Trading ‘May Not Roar’ as Much as Rivals, Moynihan Says
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Bank of America Corp.’s trading operations may underperform other firms sometimes because the second-biggest U.S. lender takes less risk, Chief Executive Officer Brian T. Moynihan said.
Income at the global markets division, overseen by co-Chief Operating Officer Thomas K. Montag, 56, fell 20 percent to $1.39 billion in the first quarter, excluding accounting charges. Revenue from sales and trading fell 13 percent to $4.5 billion, compared with the $5 billion projection of David Trone, an analyst at JMP Securities LLC in New York.