Bank of America’s equities trading profits cratered. It’s explanation for why may have revealed how much of a killing it made on a monster trade last year. (BAC)
|04/16/2019||Posted by BusinessMediaguide.Com under General World News||
- Bank of America’s equities division saw first-quarter revenues fall 22% compared with last year.
- That’s due in part to a monster trade the bank did in 2018 that boosted the unit’s baseline.
- Insiders said the trade in question was likely a complex derivative deal that helped a Chinese billionaire snag a $9 billion stake in German automaker Daimler.
- The so-called “collar trade” brought in roughly $160 million in the first quarter of 2018, based on the figures quoted by bank executives Tuesday, but the total could’ve been much higher.
Bank of America followed its peers on Tuesday in reporting a big drop in read more >>>