BofA’s Investment-Banking Revenue to Slump 25%, Moynihan Says

Bank of America Corp. Chief Executive Officer Brian Moynihan said investment-banking fees will likely drop about 25% in the second quarter as President Donald Trump’s policy announcements continue to chill dealmaking.

BofA’s investment-banking unit will post about $1.2 billion of revenue in the quarter, Moynihan said Wednesday at a conference hosted by Morgan Stanley. That would represent a sharper drop than the roughly $1.5 billion analysts had been expecting, according to estimates compiled by Bloomberg.

Brian Moynihan

Photographer: Kent Nishimura/Bloomberg

That decline will be countered by another quarter of year-over-year growth in BofA’s trading business, Moynihan said. The markets business is likely to ...