BofA Traders Fall Short of Rivals as Revenue Forecast Missed
- Trading revenue increase was a fraction of competitors’ gains
- Shares decline as consumer unit’s revenue slides 17%
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Bank of America Corp.’s traders didn’t seize on the markets boon that lifted rival banks in the third quarter.
Revenue from trading rose 3.6% to $3.34 billion, falling short of the $3.5 billion that analysts had forecast. While JPMorgan Chase & Co. and Citigroup Inc. each posted jumps of at least 17% at their trading desks, Bank of America’s small increase wasn’t enough to boost overall revenue as the bank’s consumer unit saw a 17% slide.