BAC · Earnings call · 2026Q3T · Full report
Trading Revenue Performance
BANK OF AMERICA CORP /DE/ · 2026-10-14 · Importance 26 · Surprise 24 · No source text
Bank of America said third-quarter markets performance was hurt by its fixed-income-heavy mix, particularly strength in credit, mortgages, and municipals during an extreme bear-market quarter. Management expects the fourth quarter to have less seasonal weakness because market conditions moderated during the first two weeks, although it does not provide quarterly markets guidance. The markets business has delivered 17 or 18 consecutive quarters of year-over-year revenue growth, and management expects continued growth over time in equities, rates, foreign exchange, and commodities.
Key facts
- FICC revenue was $2.5 billion, down 17% year-over-year.
- Sales and trading revenue, excluding DVA, was $5.1 billion, down 5% year-over-year.
- Equities revenue rose 10% to $2.5 billion and it was a record third quarter for equities and for international revenue.
- Global markets excluding DVA had revenue of $5.8 billion and net income of $1.2 billion, both down from Q3 2025.
- Bank of America said the markets business had an extra $1.2 billion hit.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | negative | realized | -1.1% | FICC revenue was $2.5 billion, down 17% year-over-year. |
| revenue | negative | realized | -0.6% | Sales and trading revenue, excluding DVA, was $5.1 billion, down 5% year-over-year. |
| revenue | positive | realized | +0.5% | Equities revenue rose 10% to $2.5 billion and it was a record third quarter for equities and for international revenue. |
| revenue | negative | realized | — | Global markets excluding DVA had revenue of $5.8 billion and net income of $1.2 billion, both down from Q3 2025. |
| net_income | negative | realized | — | Global markets excluding DVA had revenue of $5.8 billion and net income of $1.2 billion, both down from Q3 2025. |