Bank of America's overdraft fees down 90% under new policy
NEW YORK (AP) — Bank of America says the revenue it gets from overdrafts has dropped 90% from a year ago, after the bank reduced overdraft fees to $10 from $35 and eliminated fees for bounced checks.T[San Marcos, TX] [Hays County news] News San Marcos News, San Marcos Record [Texas State]
sanmarcosrecord.comBank of America announces expansion of racial justice initiatives
Bank of America is expanding its racial justice initiative, devoting more funding toward advocacy and equality for communities of color. The bank says the additional funds "will further support investments to address racial justice, advocacy and equality for people and communities of color, including those of Asian descent." The bank also says it will immediately direct $1 million "in support of increased advocacy, dialogue and engagement with the Asian American community." Bank of America added that it will match employee donations to these organizations in an effort to double donations through its matching gift program. Today's commitment builds upon Bank of America's many years of work in support of inclusion and racial equality."
cnbc.comBank of America is giving $750 cash bonuses to lower-paid employees, restricted stock to others
Brian Moynihan, CEO of Bank of America, at the Goldman Sachs U.S. Financial Services Conference on December 4, 2018. Bank of America CEO Brian Moynihan is awarding nearly all of his 212,505 employees with a bonus for their work during the coronavirus pandemic. Employees who make between $100,000 and $500,000 annually will receive 150 to 750 restricted stock units, the bank said. Bank of America began giving employees $1,000 annual cash awards in 2017, a program it continued until the pandemic struck. News of the $750 cash bonuses was reported earlier by Bloomberg.
cnbc.comBank of America posts quarterly profit that exceeds analysts’ expectations but revenue falls short
The bank said profit fell 28% to $5.47 billion, or 59 cents a share, compared with the 55 cent estimate of analysts surveyed by Refinitiv. Bank of America shares fell 1.6% in premarket trading Tuesday. Shares of Bank of America dropped 15% in 2020, compared with the 4.3% decline of the KBW Bank Index. Here are the numbers:Earnings: 59 cents a share, vs 55 cent estimate of analysts surveyed by Refinitiv. Revenue: $20.2 billion, vs $20.7 billion estimate.
cnbc.comCOVID fears grow in Capitol as three lawmakers test positive
A second Democratic member of the House who was forced to go into lockdown during last weeks violent protest has tested positive for COVID-19. Rep. Pramila Jayapal of Washington says she has tested positive. Those who tested positive were among dozens of lawmakers who were whisked to a secure location when pro-Trump insurrectionists stormed the Capitol on Wednesday. It's not certain where and when lawmakers caught the illness, but the Capitol’s attending physician notified all House lawmakers of possible virus exposure and urged them to be tested. Rep. Bonnie Watson Coleman of New Jersey said Monday that she had tested positive for COVID-19.
Possible virus exposure for lawmakers sheltering during Capitol riot
(AP Photo/Patrick Semansky)WASHINGTON – House lawmakers may have been exposed to someone testing positive for COVID-19 while they sheltered at an undisclosed location during the Capitol siege by a violent mob loyal to President Donald Trump. The Capitol’s attending physician notified all lawmakers Sunday of the virus exposure and urged them to be tested. Some lawmakers and staff were furious after video surfaced of Republican lawmakers not wearing their masks in the room during lockdown. Trump is now facing impeachment after having incited supporters who were rallying near the White House before they marched to the Capitol. A woman from California was shot to death by Capitol Police and three other people died after medical emergencies during the chaos.
Possible virus exposure for lawmakers sheltering during riot
(AP Photo/Patrick Semansky)WASHINGTON – House lawmakers may have been exposed to someone testing positive for COVID-19 while they sheltered at an undisclosed location during the Capitol siege by a violent mob loyal to President Donald Trump. The Capitol's attending physician notified all lawmakers Sunday of the virus exposure and urged them to be tested. No further details were provided on which person has tested positive for the virus. Some lawmakers and staff were furious after video surfaced of Republican lawmakers not wearing their masks in the room during lockdown. A woman from California was shot to death by Capitol Police and three other people died after medical emergencies during the chaos.
Consumers are spending more in 2020 than they did in 2019, says Bank of America CEO
Consumers are spending more via Bank of America accounts this year, in the midst of the coronavirus pandemic, than they did in 2019, according to CEO Brian Moynihan. "When you look at what they're spending year-to-date, they've spent more in 2020 than they did in 2019, and that is now across $2.7 trillion in money moved by our consumers," Moynihan told CNBC's Wilfred Frost in a Wednesday interview. "Way back in May, you could see it flattening out and starting to grow," Moynihan said of the spending data. While spending at restaurants is down 25% year over year, transactions tied to home improvement have made up for the drops elsewhere, he said. Despite the positive signs, Moynihan said that another round of stimulus is still needed to support the unemployed and small businesses.
cnbc.comBank of America shares dip as the lender, pressured by low rates, misses on third-quarter revenue
Bank of America shares fell in Wednesday's premarket after the lender posted third-quarter results that missed on revenue. The bank said it generated $20.45 billion in total revenue, missing the $20.8 billion estimate of analysts surveyed by Refinitv. The firm's bond trading desks produced $2.1 billion in revenue, under the $2.28 billion estimate of analysts surveyed by Refinitiv. Revenue: $20.45 billion, vs the $20.8 billion estimate. Trading Revenue: Fixed Income of $2.1 billion, vs $2.28 billion estimate, Equities of $1.2 billion, vs $1.2 billion estimate
cnbc.com3 big Trump donors are among business leaders influencing coronavirus response
President Donald Trump looks on during the daily briefing on the novel coronavirus, which causes COVID-19, in the Brady Briefing Room of the White House on April 24, 2020, in Washington, DC. Three of the men Ellison, Schwarzman and Catsimatidis are big Trump donors. President Donald Trump has sought and received advice on tackling the coronavirus crisis in private conversations with several of his allies in the business world, according to people familiar with the matter. The person who described this response would not explain which banks or executives the White House referred to in its response. The New York Times reported Ellison discussed with Trump the idea of potentially using hydroxychloroquine, an anti-malaria drug, as a coronavirus treatment.
cnbc.com4/26: Gov. Larry Hogan, Barry Diller, Brian Moynihan, London Breed, Dr. Scott Gottlieb
Larry Hogan, Barry Diller, Brian Moynihan, London Breed, Dr. Scott Gottlieb Today on "Face the Nation," the struggle between saving the economy and saving American lives intensifies, and President Trump's wishful thinking is stopped short by reality.
cbsnews.comBank of America CEO calls for Congress to 'fully fund' small business loan program: 'Just get the work done'
Bank of America CEO Brian Moynihan said Sunday that the small business loan program passed by Congress should be expanded so that it no longer runs on a first-come, first-served basis. Congress passed a second round of funding for the Payroll Protection Program last week, and businesses can apply for the $310 billion starting on Monday morning. The program offers loans to small businesses that can be transformed into grants if the businesses meet requirements for spending on payroll. So I actually hope we run out of money quickly so we can get that money into workers' pockets." Mnuchin said that further spending, whether to help small businesses or states faced with rising health care costs and plunging tax revenue, would need to be agreed upon on a bipartisan basis.
cnbc.comBank of America posts 45% decline in first-quarter profit, braces for big loan losses
Bank of America said Wednesday that first-quarter profit slumped 45% as the company set aside $3.6 billion for loan-loss reserves because of the coronavirus pandemic. The bank posted profit of $4.01 billion, or 40 cents a share, compared with the 46 cent estimate of analysts surveyed by Refinitiv. The lender's giant consumer banking business saw profit decline 45% to $1.79 billion on higher loan loss reserves and lower interest income. Wealth management profit fell 17% to $866 million and global banking profit was nearly wiped out as the company built larger reserves for commercial loan losses. At JPMorgan, the hits were partly offset by record quarterly trading revenue.
cnbc.comBank of America recording reveals a Wall Street torn between precaution and performance amid virus
Every single person in this office right now has a family. Every single person in this office right now has children. Every single person in this office right now has elderly parents. Bank of America not aloneBank of America isn't the only Wall Street firm facing such a balancing act. As the virus has continued to spread, Bank of America has continued to underscore its commitment to the safety of its workers.
cnbc.comProcessing delays heighten anxiety for small businesses tapping $350 billion rescue program
Kevin Dietsch | Bloomberg | Getty ImagesBanks are scrambling to process a growing backlog of applications for the U.S. program designed to funnel at least $350 billion in relief to small businesses struggling during the coronavirus pandemic. For instance, the two biggest U.S. banks, JPMorgan Chase and Bank of America, had a combined 625,000 in requests for $80 billion in loans as of Tuesday. "We are beginning to process those through to the SBA," Moynihan said Tuesday during a White House briefing. It was designed to give small businesses a lifeline with government-backed loans that are forgiven if used for payroll or other approved expenses. The system, which handled $28 billion in loans all of last year, forces users to restart applications if they are off by a single letter.
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