NEW YORK, Oct 31 — Bank of America Corp traders posted trading revenue on every business day of the third quarter, the first three-month period without a daily loss since the start of 2014, even as total trading revenue declined.
On 74 per cent of those days, Bank of America generated more than US$25 million (RM106.586 million), the Charlotte, North Carolina-based lender said yesterday in its quarterly regulatory filing.
Global markets, the bank’s trading operations run by chief operating officer Thomas Montag, reported third-quarter profit more than doubled to US$1 billion from a year earlier because of lower litigation costs.
Revenue slid 5 per cent to US$3.76 billion, fueled by an 11 per cent decline in fixed-income trading.
Equities trading revenue rose 12 per cent, the bank said earlier this month.
Montag and his team “have got the business pretty well positioned in terms of effectiveness,” chief executive officer Brian Moynihan said in a conference call with analysts on October 14.
“That’s why, even with the slowdown in the latter part of the quarter, we still made US$1 billion.” — Bloomberg
