(Bloomberg) — 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.
Wall Street trading desks have benefited from active markets during the pandemic, and those results have propped up lending units that are grappling with broader economic hardship in the U.S. after the coronavirus pandemic shuttered businesses and put millions of Americans out of work.
Bank of America’s results were “underwhelming,” with only a small increase in fixed-income and equities trading, Vital Knowledge founder Adam Crisafulli wrote in a note to