BoFA enjoys ‘perfect’ trading quarter

13 May 2010

Bank of America (BoFA) has recorded a ‘perfect’ trading quarter during the first three months of 2010, succeeding in posting a profit on every day of the period, a regulatory filing has revealed.

The financial institution follows the likes of Goldman Sachs and JPMorgan in not losing any money in trades during the first three months of the year.

Figures from the BoFA showed that the value of daily trades on 95 per cent of the days was greater than $25 million.

The statistics included 26 days where the value of trades for BoFA was over $100 million.

A BoFA spokesman told the Wall Street Journal that this was the first quarter since the start of 2009 that the institution had seen a three month period without any losses.

Statistics filed by JPMorgan and quoted by Bloomberg revealed that the bank recorded a profit of more than $90 million on more than half of the trading days in the period.

Paul Miller, analyst at FBR Capital Markets, told the news provider: “It’s just a function of how much liquidity there was in the market and that credit spreads tightened up very nicely in the first quarter.”

Bankers working for Goldman Sachs made more than $25 million on every day of the first three month period of 2010.

By Jim Ottewill

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