Bank earnings this year have been buoyed by strong sales and trading performance.The team, which was overhauled in 2020, has produced record revenues in the first half of 2022.
Within trading, BofA's performance received a jolt from an unexpected area: the firm's foreign exchange and emerging market trading group, a longtime laggard in the bank's fixed-income trading division and among its peers. Trading volumes across a variety Wall Street business lines have surged this year as a result of heightenedGlobal FX volumes are up 11% in 2022 compared with 2021, and pockets of the business like FX options and FX exotics have seen volumes surge between 33% to 100%, according to Dominic Clover, head of markets at research firm BCG Expand, leading to a"very strong increase in FX revenues for theCitigroup, Goldman Sachs, and JPMorgan each cited strength from macro trading in earnings calls,...
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