From the just released Bank of America 10-Q: “During the three months ended June 30, 2012, positive trading-related revenue was recorded for 95 percent, or 60 of the 63 trading days of which 75 percent (47 days) were daily trading gains of over $25 million and the largest loss was $11 million. These results can be compared to the three months ended March 31, 2012, where positive trading-related revenue was recorded for 100 percent (62 days) of the trading days of which 95 percent (59 days) were daily trading gains of over $25 million. There were no daily trading losses recorded during the three months ended March 31, 2012.” This vaguely reminds us of the JPM’s trading performance. Just before they got busted for hiding a $350 billion hedge fund in the firm’s “risk hedging” aka CIO/Treasury division that is. Also, if anyone else has problems believing that BofA’s trading desk, with or without Merrill, both of which are better known as the C-grade (and that is being generous) of Wall Street traders, could generate profits on 122 of 125 trading days, please lift your hand.
Also, for those who are far more interested by the firm’s imminent plethora of putback settlements, in the aftermath of the July 17 Syncora agreement, among which with MBIA, here is what the Bank has to say about that: