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Bank of America CEO Brian Moynihan just poured cold water on one of Wall Street’s hottest streaks. Speaking at the Barclays 24th Annual Global Financial Services Conference on September 14, Moynihan told attendees that the bank’s sales and trading revenue for Q3 2026 would likely come in “relatively flat” compared to the $5.4 billion posted in Q3 2025.
The market’s response was swift and unforgiving. BofA shares dropped roughly 5% to 5.4% on the day, making it the worst performer in the KBW Bank Index. Competitors Goldman Sachs, Citigroup, and JPMorgan saw their shares dragged down too.
From surge to stall
The flat trading outlook is jarring mostly because of what came before it. Bank of America’s Q2 2026 was a blockbuster quarter, with trading revenue climbing 33% and investment banking fees surging 50%.
Beyond the flat trading guidance, Moynihan projected investment banking fees would land between $1.6 billion and $1.8 billion for Q3. That represents a decline of more than 10% from the nearly $2 billion the bank pulled in during Q3 2025. Analysts had been expecting something closer to $2 billion, so the guidance landed well below consensus.
Moynihan tried to frame the numbers in context, noting that Q3 2025 was an unusually strong quarter and that flat performance against that benchmark is still solid by historical standards.
What to watch next
Bank of America’s full Q3 results are expected around October 14. That report will provide granular detail on whether the flat trading guidance holds, and more importantly, whether other business lines like net interest income or wealth management picked up any slack.
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