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Bank of America has followed Wall Street rivals with a sharp decline in investment banking fees

Investment Banking Editor

Bank of America's fixed income trading revenue surged by 27% in the first quarter, helping to offset a steep decline in investment banking fees as the deal slump continues.

The Wall Street bank posted fixed income revenue of $3.4bn, ahead of the $2.7bn expected by analysts and an increase of 27%. Stock trading revenue slipped by 19% during the first quarter, however.

Bank of America’s fixed income fees surge as dealmaking tumbles by 20%

Paul Clarke

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