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...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....
...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...
...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....
...Since the only asset of the Sorrento affiliate was a bank account created days before filing, that was enough. Why did Sorrento want to file in Houston?...
...India’s main opposition party said its bank accounts had been frozen over tax issues barely two weeks before parliamentary elections were expected to be announced, depriving it of access to funds....
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...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....
...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....
...What many don’t realise is that, legally, all money held in a joint bank account is owned by anyone named as an account holder....
...On the latter, this cohort holds about $1.5tn in assets and $1.1tn in net loans (~3%); by major sector they account for 1-2% of C&I and mortgage debt, less than 1% of consumer, and 10-25% of CRE loans (dependent...
...More than half of adults do not have a bank account, according to regulator CNBV. “The penetration of financial services in Mexico is way lower than Brazil,” added the Colombian entrepreneur....
...The bank made no attempts to inquire about the purpose of large transfers made to and from Swiss accounts in their names, Finma said. Bank Audi has a history of ties to Lebanon’s political elite....
...Are you getting the best deal on your building society and bank savings? Check the latest interest rates on accounts from no-notice withdrawal accounts, to offshore and long-term savings....
...Against this backdrop, Aozora’s exposure to overseas loans — which account for more than a third of its total — has aroused concern....
...Large regional banks such as Zions Bank and KeyBank had an average sensitivity of 12 per cent in the second quarter of 2022....
...Taxes worth more than $50mn were avoided in 1,637 accounts as a result of the bank’s efforts, the DoJ said....
...Let’s consider Bank of America which has $603bn* of securities with $132bn of unrealised losses. If you divide a bank’s interest income by assets, and interest expense by liabilities, you get a yield....
...Banks must suspend accounts or transactions that they suspect involve criminal funds....
...In 2022, Glencore pleaded guilty to multiple counts of bribery in Africa and Latin America to access oil and received penalties of more than $1bn....
...Banks may decide that some of the more antiquated asset managers are simply not worth the bother....
...All of the nation’s largest lenders, including Bank of America, JPMorgan and Wells Fargo, submitted letters, none of which discussed share buybacks or dividends....
...Brian Moynihan, the chief executive of Bank of America, said he expects the US economy to experience a “soft landing” next year instead of a recession....
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