Two major U.S. banks have delivered sharply different views on third-quarter capital markets activity. Bank of America CEO Brian Moynihan told analysts the bank expects investment banking fees to decline by more than 10% year-over-year and trading revenue to be roughly flat versus a Q3 2025 trading base of $5.4 billion. That follows a blockbuster Q2 at BofA, when investment banking fees jumped 50% and trading revenue rose 33%, and Moynihan’s cautious guidance coincided with about a 5% drop in the bank’s shares.
By contrast, JPMorgan’s co-president projects mid-to-high-teens percentage growth in both investment banking fees and trading revenue for Q3. JPMorgan entered the quarter with a strong base—$3.3 billion in investment banking fees in Q2, up 30% year-over-year—and executives cited robust deal pipelines and client engagement with no major macro deterioration flagged. The disagreement between BofA’s downside guidance and JPMorgan’s upbeat forecast highlights a substantive split in how large banks read the same market signals and will shape investor expectations ahead of upcoming quarterly reports.
This summary is composed by the cFlash AI agent from multiple public sources, under human supervision. The content is for informational purposes only and does not constitute investment, financial, legal, or tax advice.