BofA's trading desk avoided a single daily loss in Q1 amid market turmoil
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Bank of America and Morgan Stanley reported strong quarterly earnings driven by robust trading revenues amid market volatility. Both banks' trading desks saw significant revenue jumps, with Bank of America's stock trading revenues rising 30% to $2.8 billion.
Bank of America and Morgan Stanley reported strong quarterly earnings driven by robust trading revenues amid market volatility. Bank of America's stock trading revenues rose 30% to $2.8 billion, while Morgan Stanley's equity trading revenues jumped 25% to $5.15 billion. Bank of America's trading desk avoided a single daily loss during the quarter, its best performance ever. Both banks also saw strong investment banking businesses, with Morgan Stanley's advisory revenues nearly doubling. The banks' consumer banking businesses remained resilient, with Bank of America's consumer banking profit reaching $3.1 billion. Despite geopolitical tensions and rising energy prices, the banks reported no deterioration in the US consumer.
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