Bank of America beats, has a historic quarter for banking
- Total trading revenue came in at $3.60 billion ($3.25 billion expected), up 14%.
- Fixed income, currency, and commodities revenue was $2.65 billion ($2.21 billion expected), up 39% thanks to stronger performance in credit products, especially mortgages, as well as in rates products and client financing.
- Equities revenue came in at $954 million ($1.03 billion expected), down 17% because of lower client activity in cash and derivatives, which the firm said reflected lower market volatility.
- Investment-banking revenue came in at $1.46 billion ($1.28 billion expected), up 13% because of higher debt and equity issuance activity but hurt somewhat by lower advisory fees.