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Bank of America Corp

Bank of America to raise US minimum hourly wage to $25 by 2025

Bank of America to raise US minimum hourly wage to $25 by 2025

Published 18 May, 2021 09:10pm
  • Bank of America in March last year raised its minimum wage to $20 per hour and since 2010, its minimum hourly wage will have increased by more than 121%, it said.
  • JPMorgan Chase & Co, the biggest US bank, had said three years ago that it would increase minimum pay by about 10% to between $15 and $18 per hour in more than 100 cities.
Bank of America profit more than doubles on reserve release boost

Bank of America profit more than doubles on reserve release boost

Published 15 Apr, 2021 04:13pm
  • The second-largest US bank by assets unlocked $2.7 billion from its reserves and unveiled a $25 billion stock repurchase plan, betting on a swift economic recovery driven by rapid vaccinations.
  • Consumer banking revenue at the bank, however, fell 12% to $8.1 billion in the quarter ended March. Net interest income, a key measure of how much the bank can make from lending, fell 16% to $10.2 billion in the quarter.
Nasdaq futures fall nearly 2pc as bond yields spike

Nasdaq futures fall nearly 2pc as bond yields spike

Published 12 Mar, 2021 05:38pm
  • Futures off: Dow 0.06%, S&P 0.57%, Nasdaq 1.76%.
  • Nasdaq 100 e-minis were down 230 points, or 1.76%, S&P 500 e-minis were down 22.5 points, or 0.57%, and Dow e-minis were down 18 points, or 0.06%.
Morgan Stanley profit races past estimates as trading shines

Morgan Stanley profit races past estimates as trading shines

Published 20 Jan, 2021 08:40pm
  • High trading volumes during the quarter, stemming from the US elections and the release of coronavirus vaccines.
  • Morgan Stanley's equity underwriting revenue soared 81% from a year earlier, driven by high profile IPOs and follow-on offerings as clients continued to access capital markets.
Big US banks hunger for loans, capital relief as deposits pile up

Big US banks hunger for loans, capital relief as deposits pile up

Published 20 Jan, 2021 06:52pm
  • JPMorgan Chase & Co, Bank of America Corp and Citigroup took in more than $1 trillion in deposits last year, compared with a $92 billion increase in 2019.
  • Big banks will not shun deposits due to the dynamic, executives said, because doing so could hurt their franchises.
Bank of America profit beats estimates on trading strength

Bank of America profit beats estimates on trading strength

Published 19 Jan, 2021 06:00pm
  • Net income applicable to common shareholders fell to $5.21 billion, or 59 cents per share, for the quarter ended Dec. 31 from $6.75 billion, or 74 cents per share.
  • Reported a 13% fall in consumer banking revenue to $8.2 billion,
Banks eye layoffs as short-term crisis ends, long-term costs emerge

Banks eye layoffs as short-term crisis ends, long-term costs emerge

Published 28 Aug, 2020 04:17pm
  • Compared with April projections, bank economists and executives expect the US economy to take longer to recover.
  • No question, layoffs (will) come across the board for all the banks," said Barry Schwartz, chief investment officer at Toronto-based Baskin Wealth Management.
BofA resolves US disability discrimination claims in mortgage lending

BofA resolves US disability discrimination claims in mortgage lending

Published 24 Jul, 2020 01:29am
  • The second largest US bank had adopted the lending policy in January 2010 in response to the global financial crisis.
  • Bank of America agreed in the settlement to pay $4,000 to compensate each affected loan applicant, with payments expected to total about $300,000, the Justice Department said.
Bank of America profit more than halves on pandemic woes

Bank of America profit more than halves on pandemic woes

Published 16 Jul, 2020 05:40pm
  • Net income applicable to common shareholders fell to $3.28 billion, or 37 cents per share, for the quarter ended June 30 from $7.11 billion.
  • Strong capital markets results provided an important counterbalance to the COVID-19-related impacts on our Consumer business.
Trading, underwriting soften profit plunge for some US banks

Trading, underwriting soften profit plunge for some US banks

Updated 09 Jul, 2020 05:27pm
  • Capital markets-centered banks Goldman Sachs Group Inc and Morgan Stanley to report net income declines of 15% to 40% compared with the year-ago period.
  • Wells Fargo & Co, which does not have a major capital markets business, may even swing to a loss.
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