For the first time in a year-and-a-half, quarter-over-quarter revenue at bank-owned broker/dealers dropped, by 18 percent, according to a Bank Insurance & Securities Association's (BISA) report on the second quarter of 2004.
True, the first-quarter figure was an all-time record, but the falloff still underlines an overall midyear slowdown in the brokerage business (see related story, page 31). Through the second quarter of the year, BISA says Bank of America had the most revenue in terms of investment income — $286 million — beating out Wachovia, which was second with $146 million. (Wachovia's revenues only include the 1,000 brokers in its bank channel; the securities subsidiary's results are separate.)
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