Bank of America on Wednesday bore out the prediction made six weeks ago by its chief executive by posting a slight drop in second-quarter revenues from sales and trading, as it echoed the trend set a day before by Wall Street rival JP Morgan.

Sales and trading revenues at Bank of America Merrill Lynch - excluding the effect of accounting adjustments - dipped 2% to $3.3 billion year-on-year. On Tuesday, rival JP Morgan reported second-quarter underlying sales and trading revenues were unchanged versus a year ago at $4.5 billion.