Bank of America sees Q3 investment banking fees down more than 10%; shares fall about 5%

Chair and CEO Brian Moynihan told the Barclays Global Financial Services Conference on September 14, 2026 that third-quarter investment banking fees would fall by more than 10% year over year, while trading revenue would be roughly flat. He attributed the fee drop mainly to a market-wide decline of about 10% in investment banking, and said Bank of America's own decline could be somewhat larger. The shares fell about 5% that day, and the warning reset expectations ahead of the October 14 results.

• Q3 investment banking fees guided down more than 10% year over year
• Sales and trading guided roughly flat
• Market-wide investment banking activity down about 10%, per Dealogic data Moynihan cited
• Shares fell about 5% on the day