BofA Bets Big on Steady Revenues From Transactional FX Business [BNN Bloomberg (Canada)]
Bank of America Corporation (BAC)
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Source: BNN Bloomberg
BofA's transactional foreign-exchange business, the largest division within FX trading, generated about 35% of the bank's overall currency-trading revenue in 2023, according to Bhupen Velani, the unit's head. This year, the division is on track to grow revenue by 8% to 9%, Velani said in an interview. The growth in transactional FX, which involves locking up exchange rates for extended periods of time, highlights the importance of dependable sources of foreign-exchange profits for the bank in a market that's increasingly characterized by low volatility. “Cross-currency payments and receipts tend to be operationally-driven, high-volume transactions,” said Velani, who rejoined Bank of America in 2022 in London after a brief stint at JPMorgan Chase & Co. That creates “a lot of noise from an accounting, forecasting and reconciliation perspective,” he said. BofA's trading business, which offers foreign-exchange rates in more than 140 currencies, operates as a standalone desk with 13
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