New York, June 10, 2026, 14:50 (ET)
- Bank of America shares hovered around $54.75 on Wednesday afternoon, rising roughly 0.6%. Management pointed to Q2 markets revenue coming in ahead of expectations.
- Equities trading is providing the new boost. Co-President Jim DeMare said the bank might top its previous target for 15% year-on-year growth in markets revenue.
- Bank of America faces fresh regulatory risk with a reported Justice Department subpoena tied to alleged “debanking.” The bank would not comment. Reuters
Bank of America Corp. shares climbed Wednesday as management sent a clearer message on the Wall Street business. The stock traded at $54.745 in recent action, up $0.325 for the session, after hitting an intraday high of $55.295. The latest update signaled second-quarter markets revenue growth running faster than what investors had penciled in two weeks ago.
Bank of America Co-President Jim DeMare told the Morgan Stanley U.S. Financials Conference on Tuesday that the bank could top its earlier estimate for 15% second-quarter markets revenue growth, according to Reuters. DeMare, speaking at the event, which is listed on Bank of America’s investor relations site, said the equities unit is driving a lot of the gains.
Bloomberg ran DeMare’s remark: “I think we’re going to be a little better than that,” about the 15% trading-revenue growth forecast. That line caught investors’ attention. Saying trading is “good” is one message from a bank, but raising the chance to beat a bullish goal moves earnings expectations. Bloomberg Tax
Markets revenue is what banks pull in from clients trading stocks, bonds, currencies, and other securities. The number can move up fast when clients shift portfolios, hedge, or raise money. DeMare told Reuters, “a lot more of the activity and revenues have been coming from the equity business,” pointing to equities as the source of possible upside instead of just pointing to volatility. Reuters
This is important because Bank of America’s global markets unit has delivered revenue growth for 16 quarters running and looks set for a seventeenth, Reuters reported. Keeping the streak alive would add weight to the argument that trading is becoming a steady part of earnings rather than a short-lived boost from volatile markets.
The comparison base matters here. CEO Brian Moynihan said on May 27 that Bank of America is looking for a 15% rise in trading revenue in the second quarter from a year ago. But he flagged that the year-over-year comparison is up against a choppy, tariff-affected quarter in 2025. Moynihan also said net interest income could hit the top end of Bank of America’s 6% to 8% growth range for 2026.
Bank of America traded up roughly 0.6% Wednesday, standing out as other big banks moved less. JPMorgan Chase slipped 0.4%. Citigroup dropped about 0.8%. Wells Fargo added close to 0.2%. The SPDR S&P Bank ETF was up about 0.3% at the same time.
Bank of America put up strong Q1 numbers, posting revenue after interest of $30.3 billion and net income at $8.6 billion. Diluted earnings came in at $1.11 per share. Return on tangible common equity ran at 16.0%. The upbeat trading read follows these Q1 results.
DeMare said the overall deal climate is still solid. Reuters said he sees a strong IPO pipeline, with clients mainly pushing out deal timing, not scrapping them, even as the U.S.-Israeli war with Iran brings new energy, shipping, and market risk. “Nothing really of any note is being canceled,” he told investors, suggesting there’s more to watch than just trading. Reuters
Risks to the trade are present. Trading revenue could reverse if equity volumes drop, if volatility drops and client activity slows, or if geopolitical shocks start halting deals, not just pushing them back. On Wednesday, another regulatory issue showed up: Reuters, citing the Wall Street Journal, said the U.S. Justice Department sent subpoenas to major banks like JPMorgan and Bank of America, asking about possible improper account closures for political reasons — so-called “debanking.” Bank of America would not comment to Reuters. Reuters
Bank of America is set to report second-quarter earnings on Tuesday, July 14. Investors are watching to see if the markets business will just meet the 15% growth target CEO Moynihan mentioned in May, or if DeMare’s recent bullish signal turns up in the revenue numbers.
