Bank of America story updated from 10:34 a.m. with additional details throughout.
NEW YORK (TheStreet) -- Bank of America (BAC) investors looking for details from Brian Moynihan Wednesday about whether the company will seek a dividend increase or share buyback were disappointed, as the CEO declined to provide any new information on what the bank is seeking from the Federal Reserve.
Bank of America shares were falling 1% to $15.07 with declines accelerating after Moynihan began speaking at 10 a.m. at a conference hosted by Sanford Bernstein in New York. Shares gained 3.4% Tuesday as the Charlotte, N.C.-based institution submitted a revised capital plan to the Fed after discovering a $4 billion error in April. The Fed had approved the bank's request to raise its quarterly dividend by $0.05 per share and buy up to $4 billion of its own stock before the bank discovered the error, which had gone undetected since it acquired Merrill Lynch at the start of 2009.
In Wednesday's comments, Moynihan said that while M&A activity has picked up markedly in 2014, trading activity has been "somewhat more muted" with lower volatility. "It's been tough," he added.
The downbeat comments on trading come after Citigroup (C) CFO John Gerspach said Tuesday at a Deutsche Bank conference that he expects trading revenues from equities and fixed income to decline by 20-25% in the second quarter compared to the second quarter of 2013.