Public Event Detail
BofA Shares Edge Higher After Bank Lifts Trading Revenue Forecast Above 15%
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Event summary
Bank of America (BAC) shares rose after management indicated that Q2 markets revenue is exceeding expectations, with Co-President Jim DeMare suggesting the bank could surpass its previous target of 15% year-on-year growth in markets revenue, primarily driven by equities trading. This positive outlook comes as the bank continues a 16-quarter streak of revenue growth in its global markets unit, despite facing new regulatory scrutiny over alleged "debanking" practices. BAC's performance stands out among other major banks, which saw smaller gains or declines.