BofA Trading Revenue Misses Estimates, Takes $1.2B Charge on AML Penalty

The trading miss matters less for the headline number than for what it says about bank risk appetite: when fixed income and equities desks undershoot, institutional flow — including crypto and tokenized-asset exposure — tends to get throttled first. The AML charge is the sharper signal, tying a major bank to sanctions and compliance failures at the same moment Treasury is tightening enforcement. For RWA and digital-asset desks, the open question is whether banks treat compliance costs as a reason to retreat from crypto-adjacent activity or to formalize it under heavier supervision.