BofA CEO Moynihan: Investment Bank to Make Money Anytime

The transcript discusses the performance and restructuring of fixed income and equity trading at Bank of America. It highlights the consistent profitability in fixed income trading and the strategic adjustments made in equity trading to adapt to market conditions. The focus is on maintaining a balanced business relative to the bank's size and leveraging a straightforward strategy for recurring revenue. The dynamic nature of the trading environment and the need for continuous adaptation are emphasized.

What was the range of trading revenues over the past five or six years?

• $4 to $7 billion

• $3 to $6 billion

• $2.5 to $5 billion

• $1 to $2 billion

What is the primary reason for not having a big commodities business?

• Regulatory restrictions

• Lack of expertise in commodities

• Strategic decision made five years ago

• High volatility in commodities

How does the simplified strategy benefit the issuer and investor?

• By expanding into new markets

• By allowing more recurring events

• By increasing market volatility

• By reducing transaction costs

What shift is being made in the equities business at Bank of America?

• From derivatives to cash-based trading

• From electronic to cash-based trading

• From equities to commodities trading

• From cash-based to electronic and derivatives-based trading

What is the main focus of the equities business repositioning?

• Expanding the commodities business

• Maintaining flat revenues

• Shifting to electronic and derivatives-based trading

• Increasing the number of employees