Bank of America expects investment banking fees to fall 10%

Investing.com -- Bank of America anticipates its investment banking fees will fall to between $1.6 billion and $1.8 billion in the third quarter, representing at least a 10% decline from $2 billion in the same period last year, Chief Executive Officer Brian Moynihan said today.

Speaking at the Barclays global financial services conference, Moynihan attributed the decline to broader market conditions. The investment banking market overall is down approximately 10%, he said.

The CEO also addressed the state of consumer finances, stating that consumer credit quality remains good. Moynihan noted that affordability is currently the primary concern on consumers' minds.

For the bank's sales and trading division, Moynihan said third-quarter results will be flat compared to the prior year.

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