(Bloomberg) -- Bankers and traders have their mandate: get busy.
Capital markets activity must roar back this month to justify third-quarter profit estimates for the biggest firms after a slower summer than last year, Credit Suisse Group AG bank analyst Susan Roth Katzke wrote in a note Tuesday. Investment-banking fees were probably down 24 percent from a year earlier in the first two months of the quarter and cash trading volumes also fell, she wrote.
Read more: Bored traders grapple with lack of action
Katzke isn't the only one closely monitoring September activity. Bank of America Corp. Chief Executive Officer Brian Moynihan said last week that the summer slowdown will make the quarter's final month key for his bank's trading business. The CEO declined to describe his trading desks' revenue beyond saying it was "solid" thus far.
“You have to remember the whole quarter is made in September, so we've got a while to go,” he said.
To contact the reporter on this story: Laura J. Keller in New York at lkeller22@bloomberg.net.
To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Steven Crabill
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