Bank of America Stock Tumbles on Warning of Slowing Investment Banking Fees

Bank of America's stock took a hit on September 14 after CEO Brian Moynihan warned investors to expect a decline in investment banking fees and trading performance for the third quarter. The global banking and financial services provider closed at $59.47, down 5.14%.

The warning came during a speech by Moynihan at the Barclays Annual Global Financial Services Conference, where he stated that fees would decline by at least 10% in its consulting and trading businesses due to lower dealmaking fees and weaker trading results.

This news weighed on not only Bank of America's stock but also those of its rivals. JPMorgan Chase closed at $350.13, down 1.71%, while Wells Fargo ended at $88.71, down 1.75%. The S&P 500 finished at 7,620, down 0.48%, and the Nasdaq Composite finished at 26,186, down 0.56%.