Bank of America’s chief executive Brian Moynihan announced Wednesday that the financial institution anticipates a 15% surge in trading revenue during the second quarter compared to the same period last year, when markets experienced turbulence due to elevated U.S. tariff policies.
Speaking at a financial conference, Moynihan cautioned about year-over-year comparisons, stating: “Got to be careful year over year. You got to remember last year was liberation quarter, so some of these numbers will look big.”
The reference points to President Donald Trump’s implementation of comprehensive global import tariffs in April 2025, which he dubbed “Liberation Day.” The Supreme Court later overturned most of these tariffs earlier this year.
Regarding the bank’s investment banking division, Moynihan described it as being in “pretty good shape” and projected wealth management revenue growth in the low teens percentage range when compared to the previous year.
Global dealmaking activity has recently recovered following a significant decline in the weeks after the Iran war began, as businesses and investors move past market uncertainty to pursue major transactions.
The CEO noted that the initial public offering pipeline remains robust with elevated activity levels.
Financial markets are generating excitement over the anticipated debut of Elon Musk’s rocket and satellite company, SpaceX, expected next month. This blockbuster public offering could potentially trigger additional IPOs from artificial intelligence-focused enterprises.
Moynihan indicated that net interest income – representing the gap between earnings from loans and payments on deposits – may reach the higher end of the 6% to 8% projected range for this year.
The financial institution increased its 2026 net interest income growth projection to 6% to 8%, up from the previous 5% to 7% forecast issued in April.
American banking institutions have gained advantages from the repricing of fixed-rate assets and securities portfolios over time into higher-yielding investments.
The CEO reported that consumer spending patterns and credit quality continue showing strength as employment remains stable despite inflationary pressures and elevated interest rates.
According to Bank of America’s internal data, total credit and debit card spending per household increased 4.8% in April year-over-year, rising from the 4.3% growth recorded in March compared to the previous year.
