Bank of America CEO Brian Moynihan stated while speaking at the Goldman Sachs Financial Services Conference about investment banking: "So if you look at it, we were running $6 billion in our market share in third and fourth, and everybody else is sort of running that thing. And all of a sudden, it shot to $8 billion, and now it’s shut down to $5 billion and changed, and then — so I expect it to get back to it. So right now, this year-over-year pools are down, I don’t know, 55%, 60%, where our market share is holding will be in the same range. And so the problem is that’s a $2 billion and change handle to under $1 billion handle, that’s kind of — good news is on the trading side, you’re up — you’re going to be up 10% to 15% year-over-year." Asked to clarify if that was in regards to both equities and fixed income, Moynihan replied: "So you’re seeing the revenue being made up on that side, which — and the team there has done a good job. Right now, knock on wood, it will be the highest fourth quarter we’ve had that we can remember… Equity is flattish. Fixed income, up 20%."
Published first on TheFly
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