BofA’s Trading ‘May Not Roar’ as Much as Rivals, Moynihan Says

Lock
This article is for subscribers only.

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.