NEW YORK, June 9 (Reuters) – Bank of America may exceed the initial forecast of 15% growth in revenue for its markets business in the second quarter, fueled by the equities business, Co-President Jim DeMare said on Tuesday.
“While credit spreads and the like have remained firm, a lot more of the activity and revenues have been coming from the equity business,” he said at a Morgan Stanley U.S. financial services conference.
Bank of America CEO Brian Moynihan said last month that the bank expects trading revenue to jump 15% in the second quarter from a year ago when the market was hit by the volatility from higher U.S. tariffs.
(Reporting by Saeed Azhar and Prakhar Srivastava; Editing by Mark Porter)
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