Bank of America CEO Brian Moynihan told investors that Q3 sales and trading revenue would likely come in flat against a year ago, and the market punished the stock immediately. Shares dropped as much as 5.4%, dragging Goldman Sachs, Citigroup, and JPMorgan lower along with it.
Bank of America CEO Brian Moynihan told the Barclays 24th Annual Global Financial Services Conference on September 14 that the bank's sales and trading revenue for Q3 2026 would likely come in "relatively flat" compared with the $5.4 billion posted in Q3 2025. Investors reacted immediately.
BofA shares dropped roughly 5% to 5.4% on the day, making it the worst performer in the KBW Bank Index. Goldman Sachs, Citigroup, and JPMorgan shares fell too.
From surge to stall
The flat outlook stands out mostly because of what preceded it. Bank of America's Q2 2026 was a blockbuster quarter, with trading revenue climbing 33% and investment banking fees surging 50%.
Moynihan also projected investment banking fees between $1.6 billion and $1.8 billion for Q3, a decline of more than 10% from the nearly $2 billion the bank pulled in during Q3 2025. Analysts had expected something closer to $2 billion, so the guidance landed below consensus.
He tried to frame the numbers in context, noting that Q3 2025 was an unusually strong quarter and that flat performance against that benchmark is still solid by historical standards.
What to watch next
Bank of America's full Q3 results are expected around October 14. That report will show whether the flat trading guidance holds, and whether other business lines such as net interest income or wealth management picked up any slack.
Source: Crypto Briefing
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