BofA CEO Expects At Least 10% Slide in Q3 Investment Banking Fees

Bank of America's chief executive expects the lender's investment banking fees to fall by at least 10% in the third quarter of 2026, while sales and trading revenue holds roughly steady.

Brian Moynihan put investment banking revenue for the period at $1.6 billion to $1.8 billion, a decline from $2 billion in the same quarter a year earlier. The projection offers an early signal of how the bank's advisory and underwriting businesses are faring before full results are published.

Moynihan said the deals pipeline remains strong, though he cautioned that further increases in interest rates could dampen demand for financing. That combination of a healthy backlog and uncertain borrowing costs leaves the near-term picture for Wall Street's dealmakers mixed, with completed transactions mattering more than announced ones.

Even so, the chief executive struck an upbeat note on the broader U.S. economy, pointing to resilient consumer spending as a source of support for the bank's outlook. Bank of America's full third-quarter results in the coming weeks will show whether that confidence holds up across lending, trading and dealmaking alike, and whether the fee decline proves as steep as the bank now anticipates.