NEW YORK (Reuters) – Investment banking fees are down 30% to 35% in the third quarter from a year earlier for the sector, but Bank of America will fare better than that average, its chief financial officer said on Monday.
“We’ll do slightly better than that,” Alastair Borthwick told the Barclays Financial Services Conference, referring to investment banking fees for the industry.
He also said income at the bank’s global markets business should rise in the low, single-digit range from a year earlier.
BofA in July posted strong gains for investment banking in the second quarter with net income surging 76% to $2.7 billion.
The gains were driven by higher interest payments and leasing revenue, the company said.
(Reporting by Saeed Azhar and Pritam Biswas; editing by Jonathan Oatis and Deepa Babington)
