Brian Moynihan, CEO of Bank of America, said that the quarterly performance of the investment banking business is expected to be lower than the expectations of some Wall Street analysts, while sales and trading business is expected to achieve low single-digit growth. Moynihan said at the Barclays Global Financial Services Conference on Tuesday that the expected revenue from investment banking business in the third quarter is about 1.2 billion US dollars, flat compared to the same period last year. Some analysts had previously expected it to be close to 1.5 billion US dollars, with a growth of about 16.5%. In contrast, Moynihan said that sales and trading business "will grow in low single digits," which is the same as the previous quarter. "This is a very strong performance that reflects the recovery of our investment in fixed income and the stock business that we made several years ago," he said.