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Bank of America CEO Brian Moynihan said he expects revenue from the bank’s markets business to rise by a high single-digit percentage to about 10% in the fourth quarter, while investment-banking fees are expected to be roughly flat.
What Moynihan said
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Moynihan told investors that global markets revenue should grow between the high single digits and 10% year-on-year in Q4, reflecting stronger trading activity.
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He added that investment banking fees, such as from M&A advisory and capital markets deals, are likely to be broadly unchanged versus the prior year.
Context and drivers
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The outlook comes after heightened market volatility in November, including a selloff linked to concerns about an AI-stock bubble and uncertainty over the timing of Federal Reserve rate cuts, which tends to boost trading volumes.
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Moynihan also said U.S. consumers look healthy, with spending still growing, good credit quality, and charge-offs flattening, which supports the broader business backdrop.
How it compares to rivals
| Bank | Q4 2025 markets revenue guidance | Other color on Q4 outlook |
|---|---|---|
| Bank of America | High single-digit to ~10% increase in markets revenue. | Investment banking fees broadly flat; share buybacks expected to increase. |
| JPMorgan Chase | Expects markets revenue to be up by a low-teens percentage in Q4. | Positioning for stronger trading results than Bank of America on a percentage basis. |
Implications for investors
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A near-10% trading revenue increase would extend a multi-quarter run where markets businesses help offset softer areas like deal-making, and it supports Bank of America’s medium-term target of a 16–18% return on tangible common equity.
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Management has also signaled plans for higher stock buybacks in Q4, which, combined with stronger markets revenue, could be supportive for earnings per share and the share price if conditions hold.
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