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...Bank of America, the nation’s second-largest lender, said as it reported results on Tuesday that new loan growth stalled in the quarter, with BofA’s chief financial officer Alastair Borthwick calling lending...
...Bank of America cut the compensation of its top executive Brian Moyniahn by 3 per cent, or $1mn to $29mn in 2023, a year when the company’s bottom line shrunk and its stock lagged rivals....
...The Delaware court this year invalidated such a practice at the investment bank Moelis & Co, which had given its founder veto power over nearly all of the standard work conducted by a board of directors....
...like banks....
...Over the past two years, big banks such as JPMorgan Chase, Bank of America, Citigroup and Wells Fargo charged more for loans in lockstep with the Fed lifting interest rates, without passing on the increase...
...Bank of America has sent “letters of education” to employees who have not been showing up at the office, warning them of disciplinary action, in the latest move from a large company to push staff back to...
...A number of food and beverage companies — including Starbucks, Kraft Heinz and McDonald’s — are fighting to hang on to customers....
...Third-quarter profits at Bank of America beat expectations, but growth lagged rivals because the bank still has hundreds of billions of dollars of low yielding bonds that it bought during the pandemic....
...The odds are it will be coming from card-issuing banks such as JPMorgan, Citigroup or Bank of America rather than Visa or Mastercard. Banks have plenty of ways to offset lower interchange fees....
...Its price to book value of nearly 3 times trumps that for mortgage-heavy Wall Street banks like JPMorgan, Bank of America and Wells Fargo. But Rocket doesn’t have appreciably higher return on equity....
...JPMorgan Chase, Bank of America, Wells Fargo and Citigroup collectively made $253bn in net interest income (NII) for the whole of 2023 — a 19 per cent jump from 2022’s total....
...The resilience of the Dollar Tree chain allowed the company to trade at a premium to Dollar General throughout much of 2023....
...These types of funds pulled in about 22 per cent of net ETF flows in March despite accounting for less than 7 per cent of the $8.9tn industry....
...UBS executives are working to complete the merger of the bank’s legal entities with those of Credit Suisse by the end of May....
...Bank of America’s profits fell 18 per cent in the first quarter, dragged down by a jump in potential loan losses and additional expenses tied to last year’s regional banking crisis....
...At Bank of America, rising deposit costs equalled two-thirds of new interest received in the quarter....
...JPMorgan, Bank of America, Citigroup and Wells Fargo all reported quarterly earnings on Friday. JPMorgan was alone among the group in posting record net profits for the year of $49.6bn....
...One reason is the dearth of big sticker prices, meaning most PLCs are already comfortably within reach of retail investors....
...Only 17 per cent of the fund managers polled by Bank of America expect a so-called hard landing — which typically implies a recession — for global growth, the smallest proportion in 19 months....
...A recent report published by the Bank of Canada expects Trans Mountain will contribute roughly 0.25 percentage points to the country’s second-quarter economic growth....
...A 20,000-peso note will begin circulating towards the end of the year, the central bank said....
...Citi, JPMorgan and Bank of America have all gotten in....
...(Simon Mundy) Smart read The World Bank’s International Development Association, which offers concessional financing to the world’s lowest-income countries, is in line for its first top-up since 2021....
...But Walmart’s abrupt decision this week to shut its healthcare centres and telehealth operation underscores how difficult it is to disrupt and improve America’s dysfunctional healthcare market....
...Analysts at Bank of America think late fees represent between 14 per cent and 30 per cent of the companies’ credit card revenue....
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