Bank of America clients withdraw $2.3B from US securities

Bank of America clients sold around $2.3 billion in U.S. equities last week, according to a note from bank strategist Jill Carey Hall on Tuesday.

Although the note failed to highlight reasons for the withdrawal, data compiled by Bank of America showed clients sold both single stocks and ETFs for the second consecutive week, while selling was broad-based across client groups including institutional, hedge funds, retail, and size segments.

Amid concerns over commercial real estate, the bank recorded the biggest real estate outflows since mid-2021.

Meanwhile, exchange-traded funds (ETFs) posted their biggest outflow since January across all styles including growth, value, and blend and across small, mid, and large cap ETFs.