BofA CEO Sparks Bank Stock Selloff — SkimNews
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- Bank of America CEO remarks triggered a selloff across bank and financial services stocks, with BofA leading the sector lower on a weak Wall Street fee outlook.
- BofA projected third-quarter investment banking fees will fall more than 10%, sending its own shares sliding and dragging the broader sector with them.
Why it matters: BofA's forecast of a greater-than-10% decline in Q3 investment banking fees is a concrete data point confirming that Wall Street dealmaking remains sluggish, which drove a sector-wide repricing and signals the capital-markets recovery investors have been waiting for isn't arriving yet.
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