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Moynihan: More cuts may be coming in trading operation

  • "If the environment stays sort of flattish, less volatility, we'll have to keep working that expense base down," says Bank of America (NYSE:BAC) CEO Brian Moynihan, speaking at the Bernstein Strategic Decisions Conference.
  • Webcast
  • The Global Markets unit at his bank posted a Q1 profit of $945M - down 28% year-over-year, with FICC revenue of $2.75B down 7%. Estimates had been for about $3B in revenue, and competitor JPMorgan, to name one, saw a 5% Y/Y increase.
  • Source: Bloomberg
  • Previously: Stronger mortgage numbers, but weaker trading results as BofA beats estimates (April 15)

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