BofA Taps Brakes on Risk, Spurring Banker Departures
- After reaching a record in 2017, Bank of America's fees for advising on deals tumbled 27 percent in the first quarter from a year earlier, the steepest drop among big U.S. banks.
- Since March, when an internal probe of the Steinhoff dealings wrapped up, the bank's sales of emerging-market debt have declined by more than a third compared with a year earlier, even as the market for new bonds grew.
- The bank has lost more share than any peer in arranging new equity deals in Europe, the Middle East and Africa this year.
- And it recently fell behind JPMorgan Chase & Co. in offering leveraged loans in the U.S. this year, a market it's dominated since early 2009.
Moynihan is big on "responsible growth", but seems like he's more interested on the former than the latter.