trending Market Intelligence /marketintelligence/en/news-insights/trending/kie4h0alh2aeny3vosnexa2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Despite soft i-banking numbers, BofA 'not chasing the market'

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good

Street Talk Episode 67 - Veteran investor tabs Mick Mulvaney to help with latest financial stock-focused fund

Street Talk Episode 65 - Deferral practices trap US bank portfolios in purgatory

Despite soft i-banking numbers, BofA 'not chasing the market'

Bank of America Corp. executives said the company's investment banking division should be doing better at winning deals, and that the company is willing to lose some business in leveraged lending.

On Oct. 15, the bank reported third-quarter earnings that beat analyst estimates from a net income perspective. But the bank's investment banking division showed weakness, and its stock was down 2% in morning trading while broader market indexes were mostly flat. The bank reported investment banking fees of $1.2 billion for the total corporation, down 18% from the year-ago quarter. Management said the performance was driven partly by a poor showing in M&A.

"A lot of it was driven by the M&A environment where we didn't get our fair share, but the key is to maintain our dominance in debt underwriting and things like that, which we've got to make sure we do," said CEO Brian Moynihan.

CFO Paul Donofrio, who has experience in investment banking, also noted the bank's underperformance in M&A activity, but chose to highlight that there was softness in the leverage business. He said the bank was not willing to do riskier deals to prop up i-banking revenue, noting increased competition from nonbank finance companies.

"At the same time, you've got terms and structures that are getting a little bit more risky, so we are staying focused on responsible growth," Donofrio said. "We're not chasing the market."