Bank of America expects third-quarter investment banking fees of $1.6 billion to $1.8 billion, more than 10% below the year-earlier period and below analysts' roughly $2 billion estimate. CEO Brian Moynihan said the bank is less exposed to the capital-markets businesses currently generating the most activity, while industrywide fees are down about 10%, based on Dealogic data. Sales and trading revenue is expected to be roughly unchanged from a year earlier despite what Moynihan described as one of the bank's better third quarters. Equities trading is up, while fixed-income revenue is down amid moderating international and Asian prime brokerage balances. Bank of America shares closed 5.1% lower at $59.47 on Monday, their steepest one-day fall since April 2025. The outlook contrasts with the second quarter, when investment banking fees rose 50% to $2.1 billion and sales and trading revenue increased 33% to $7.1 billion. Moynihan said net interest income growth remains at the upper end of Bank of America's 6% to 8% guidance range for 2026, while Merrill and private-bank wealth-management fees rose 10% to 15% during the quarter.