BofA (BAC) Expects Higher IB Fees, Flat Markets Revenues in Q1

At the RBC Capital Markets Financial Institutions Conference, Bank of America’s (BAC) chief financial officer (CFO) Alastair Borthwick signaled improvement in the investment banking (IB) business and provided markets revenues outlook for the first quarter of 2024.He indicated that capital markets activity has been improving. He added, “I think you can see that just in the deal flow, you can see it in the league tables.” Thus, IB revenues are expected to rise in the range of 10-15% on a year-over-year basis ...