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Bank of America posts 47% drop in fee revenue as Wall Street deal slump spreads

The US bank still posted a 32% decline in overall second-quarter profit to $6.2bn as it increased provisions for bad loans

By Paul Clarke
‘This solid client activity across our businesses, coupled with higher interest rates, drove strong net interest income growth and allowed us to perform well in a weakened capital markets environment,’ Brian Moynihan said
‘This solid client activity across our businesses, coupled with higher interest rates, drove strong net interest income growth and allowed us to perform well in a weakened capital markets environment,’ Brian Moynihan said Photo: Jason Alden/Getty Images

Bank of America's dealmakers followed Wall Street rivals with a sharp decline in investment banking fees during the second quarter, with revenue tumbling by 47% during the period.

While a surge in trading revenue helped offset the decline in dealmaking, the US bank still posted a 32% decline in overall profit to $6.2bn as it also increased provisions for bad loans.

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