Despite recording impressive performance at the sales and trading division during the year, Bank of America’s (BAC - Free Report) senior executives are planning for year-end bonuses similar to the previous year. The news was reported by Bloomberg.
Since the outbreak of the coronavirus in mid-March, trading revenues at almost all major Wall Street finance companies improved significantly, driven by the substantial rise in market volatility along with higher client activity.
Thus, given the impressive trading performance, traders at Wall Street were expecting heavy raises this year. However, BofA’s plan of keeping bonuses flat has come as a shock for all Wall Street traders.
Notably, at the end of the first nine months of this year, BofA recorded total sales and trading revenues of $12.01 billion, increasing 21.2% year over year. Fixed income, currencies and commodities trading revenues improved 22.8%, while equity trading revenues increased 18%.
Likewise, Morgan Stanley (MS - Free Report) recorded a 39% year-over-year increase in total sales and trading revenues at the end of the first nine months of 2020. For Goldman Sachs (GS - Free Report) , its Global Markets revenues witnessed a 49% year-over-year rise.
Wall Street biggie JPMorgan (JPM - Free Report) recorded a 54% rise in fixed income markets revenues during the nine months ended Sep 30, 2020, while its equity markets revenues improved 33%.
Notably, BofA’s planning process is still in the early stages and the final bonus will be decided depending on how the bank performs in the final quarter of the year.
Over the past six months, shares of the company have gained 16.8% compared with 18.5% growth recorded by the industry.
Currently, BofA carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot stocks we're targeting >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Despite recording impressive performance at the sales and trading division during the year, Bank of America’s (BAC - Free Report) senior executives are planning for year-end bonuses similar to the previous year. The news was reported by Bloomberg.
Since the outbreak of the coronavirus in mid-March, trading revenues at almost all major Wall Street finance companies improved significantly, driven by the substantial rise in market volatility along with higher client activity.
Thus, given the impressive trading performance, traders at Wall Street were expecting heavy raises this year. However, BofA’s plan of keeping bonuses flat has come as a shock for all Wall Street traders.
Notably, at the end of the first nine months of this year, BofA recorded total sales and trading revenues of $12.01 billion, increasing 21.2% year over year. Fixed income, currencies and commodities trading revenues improved 22.8%, while equity trading revenues increased 18%.
Likewise, Morgan Stanley (MS - Free Report) recorded a 39% year-over-year increase in total sales and trading revenues at the end of the first nine months of 2020. For Goldman Sachs (GS - Free Report) , its Global Markets revenues witnessed a 49% year-over-year rise.
Wall Street biggie JPMorgan (JPM - Free Report) recorded a 54% rise in fixed income markets revenues during the nine months ended Sep 30, 2020, while its equity markets revenues improved 33%.
Notably, BofA’s planning process is still in the early stages and the final bonus will be decided depending on how the bank performs in the final quarter of the year.
Over the past six months, shares of the company have gained 16.8% compared with 18.5% growth recorded by the industry.
Currently, BofA carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot stocks we're targeting >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Get the latest research report on GS - FREE
Get the latest research report on BAC - FREE
Get the latest research report on JPM - FREE
Get the latest research report on MS - FREE