Bank of America has seen a slowdown in investor activity since the start of the year as clients have become increasingly uncertain about the course the new Trump administration will take. Jim DeMare, head of the firm's global markets division, said uncertainty had increased significantly as markets tried to assess the initial actions of the new administration, particularly the impact the tariff proposals might have on asset prices. "Client activity is down now compared to the start of the year and compared to the end of the fourth quarter last year. People are waiting to get more information so they can adjust their portfolios further." He added that while some client activity had slowed, it was likely to be a "good quarter" for BofA traders. The group recorded record revenues last year.