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BofA Tops Estimates as Surge in M&A Boosts Advisory Fees

  • Bank’s advisory fees increase 65% to a record $654 million
  • ‘Organic customer growth momentum’ has resumed, Moynihan says
Bloomberg business news
Bank of America Beats 3Q Trading Revenue Estimates
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Bank of America Corp. beat analysts’ earnings estimates as fees climbed at the company’s dealmaking unit, boosted by a record-breaking period for mergers and acquisitions.

Investment-banking advisory fees rose 65% to a record $654 million in the third quarter as a combination of cheap financing for buyers and attractive valuations for sellers spurred a wave of takeovers. Overall investment-banking fees were up 23% to $2.2 billion, with firms leaning on the company to handle their debt and equity financing.