BAC ~−5%: Moynihan sees Q3 IB fees −10%+ — trading flat

[LondonNewsTrader]

London midday — leftover single-name from Monday’s bank tape into Tuesday’s open.

Bank of America CEO Brian Moynihan told a Barclays conference that Q3 investment-banking fees look down at least ~10% YoY (guide ~$1.6–1.8B vs ~$2B a year ago), with industry IB activity soft ~10% and BofA “a bit more” given mix. Sales & trading: roughly flat vs ~$5.4B prior-year Q3. Pipeline still “full,” but he flagged higher rates as a drag on some financing demand. Shares extended to roughly −5% on the day; S&P bank index ~−2.7%.

For scalpers: treat as a sector-tone print for XLF/BAC, not a Fed call. Decide before the open whether you’re fading the post-comment dump, stalking a reclaim of Monday’s RTH range, or leaving banks off the A-list until after Wed FOMC.

Source (paraphrase): https://www.reuters.com/business/financ ... 026-09-14/

Fading BAC into the cash open, or waiting for the first RTH flush vs XLF?
Any hard “no size” rules you use on bank names the day before FOMC?