Expect good Q4 in capital market fees: BofA’s Moynihan
Bank of America's capital markets business is solid and the company expects a good year-end, according to CEO Brian Moynihan.
"The calendar has been pretty full. ... In terms of capital markets fees, we'd expect a good fourth quarter compared to last year's fourth quarter—both debt and equity capital markets," Moynihan told CNBC. "The M&A business is also solid … not robust yet because the economy's been a bit slow, but solid," he added.
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American consumers also are getting on more solid footing, he said.
"The customer franchise, whether retail or investment banking, has been very solid throughout the whole time," Moynihan said. "Credit quality continues to get better. It means the American consumer continues to get healthier and the unemployment continues to work its way down."
Separately, Bank of America recently said losses tied to litigation could rise to as much as $5.1 billion, up from an estimated limit of $2.8 billion last quarter. That prompted UBS on Friday to lower its price target on the bank to $15.60 from $16 a share.
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