NEW YORK - Bank of America's investment banking fees are expected to rise 10% to 15% in the second quarter from a year earlier, CEO Brian Moynihan said on Thursday, after an almost two-year industry slump due to market volatility, rising interest rates and geopolitical turmoil.
Wall Street bosses have said they are finally seeing signs of a broader pickup in investment banking as equities trade near record highs, while corporate clients adjust to high interest rates for a longer period. BofA, the second largest U.S. lender, expects net interest income, or the difference between what a lender earns on loans and pays out on deposits, to come in at 1% below its forecast of $14 billion in the second quarter.
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