BAML sees equities and FICC fall in Q1

Investment bank reveals 17% decline in FICC and 11% decline in equities for the first quarter of 2016.

Bank of America Merrill Lynch (BAML) reported a $48 million loss in sales and trading revenues for the first quarter in 2016.

The results reflect a difficult quarter for the investment bank in both equities and fixed income, currencies and commodities (FICC).

Equity revenues were down 11% in the first quarter of this year, compared to the same period in 2015.

FICC revenues also suffered a 17% decrease in the first quarter compared to the same period last year.

In the report, BAML outlines “a weak trading environment for credit-related products and lower revenues in currencies” and “a challenging market environment”, as the reasons behind the declines in revenues.

Chief executive officer at BAML, Brian Moynihan, expressed a positive outlook on the figures for the bank’s trading results.

He said: “Despite volatile markets, our Global Markets business produced solid earnings.”

In its 2015 full year figures, BAML reported a 41% increase in its FICC revenues, but a 3% decline in equities sales.

Commenting on the results at the time, chief financial officer at BAML, Paul Donofrio said: “Our results this quarter reflect our ongoing efforts to improve operating leverage while continuing to invest in our business.”