(Bloomberg) -- Bank of America Corp.’s traders are likely to have a second quarter much like the one a year ago, Chief Executive Officer Brian Moynihan said, a more promising outlook than what some competitors are expecting.
“On the sales, trading side, I think we’ll be flattish this quarter,” Moynihan said Thursday at a conference hosted by AllianceBernstein Holding LP. “The team has done a great job of stabilizing that business.”
Trading at the Charlotte, North Carolina-based firm was down a little bit last month, but June is typically a stronger month, Moynihan said. A quarter little changed from a year earlier would be a relatively strong performance, with Goldman Sachs Group Inc. President John Waldron saying earlier Thursday at the conference that his firm’s trading business is trending down more than 25% this quarter compared with a year ago.
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On Wednesday, Morgan Stanley Co-President Andy Saperstein also gave a gloomy forecast for his bank’s sales and trading and dealmaking operations. “Sales and trading is softer this quarter,” he said. “Results will be notably down year-over-year.” Investment banking, meanwhile, is “very challenged. As an industry we have been in a sustained trough since last year.”
At BofA, investment bankers are busy working on pitches, Moynihan said.
“There’s a lot of activity,” he said. “The question is whether it will result in deals.”
Bank of America shares were up 0.6% to $27.74 at 3:41 p.m. in New York. They’re down 16% this year.
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