JPMorgan keeps dividend unchanged as rivals including Morgan Stanley boost payouts after Fed test
Big banks that aced the Federal Reserve's annual stress tests last week began to announce bumps to their dividend programs. Bank of America said Monday that it was raising its quarterly dividend by 5% to 22 cents per share. Morgan Stanley said it was raising the payout 11% to 77.5 cents per share. This story is developing. Please check back for updates.cnbc.com
Miami man loses $6 million home, freedom in $115 million scam involving baby formula
A 7,700-sq. ft., four-bedroom, four-bathroom house and three units of an Aventura office building are the list of losses for a Golden Beach man after a massive commercial fraud that involved infant formula, eye-care products and other products regulated by the FDA.news.yahoo.com
‘Black Panther’ director Ryan Coogler detained after being mistaken for bank robber at Bank of America branch
“This situation should never have happened,” Coogler told The Washington Post. “However, Bank of America worked with me and addressed it to my satisfaction, and we have moved on.”washingtonpost.com
Fed's Bostic says more than 3 hikes possible this year, but need to see how economy responds
Atlanta Federal Reserve President Raphael Bostic said Wednesday he anticipates hiking interest rates three or four times this year, but he stressed that the central bank isn't locked into a specific plan. Speaking on CNBC's "Squawk Box," the policymaker signaled a view that is less aggressive than the market's on rates. "In terms of hikes for the interest rates, right now I have three forecast for this year," he said. Market pricing current is anticipating at least five and possibly six hikes of 0.25 percentage points each. Bank of America recently forecast seven hikes as the central bank fights inflation running at its highest level in nearly 40 years.cnbc.com
CFPB targeting overdraft fees
The Consumer Financial Protection Bureau, emboldened under President Biden, is targeting what the watchdog agency says are exploitative “junk fees,” such as bank overdraft fees, that drain tens of billions of dollars annually from American family budgets.washingtonpost.com
Scientists equip sea turtles with tags to relay data from cyclones
On France's Reunion Island, migratory turtles are helping researchers gather information to better face cyclones. Water temperature data directly influences the intensity and development of tropical storms and cyclones and Tiago and Arthur are helping researchers understand the phenomenon.news.yahoo.com
Bank of America Awards $6 Million Grants To 65 Detroit Area Non-Profits
Bank of America announced its foundation has awarded more than $6 million in grants to 65 Detroit area organizations that create pathways to employment, provide job training, support food access and distribution. This announcement is part...detroit.cbslocal.com
China's economy slows as Beijing wrestles with debt
China’s economic rebound from the coronavirus pandemic is stalling as President Xi Jinping’s government cracks down on surging corporate debt. For a decade, the ruling Communist Party has talked about shifting to economy based on spending by 1.4 billion consumers instead of on building factories and apartments. Finally, Xi’s government is confronting the problem by clamping down on borrowing by a real estate industry that supports millions of jobs.news.yahoo.com
March hiring accelerated to 916K, yet many jobs remain lost
America’s employers unleashed a burst of hiring in March, adding 916,000 jobs in a sign that a sustained recovery from the pandemic recession is taking hold as vaccinations accelerate, stimulus checks flow through the economy and businesses increasingly reopen.
US jobless claims rise to 719K as virus still forces layoffs
California added 141,000 jobs in February as more than a quarter of a million people returned to the workforce. The California Employment Development Department said Friday, March 26, that the state's unemployment rate in February was 8.5%, down from 9% in January. The Labor Department said Thursday that the number of claims increased from 658,000 the week before. Less than a year ago, the jobless rate had hit 14.8%. Some economists are even more optimistic: Joe Brusuelas, chief economist at the tax advisory firm RSM, is predicting 1 million added jobs for March.
A meager gain in US jobs last month highlights virus' damage
The increase of just 49,000 positions in January made scarcely any dent in the nearly 10 million jobs that remain lost since the virus intensified nearly a year ago. The tepid increase followed a decline of 227,000 jobs in December, the first loss since April. Most of the drop in unemployment occurred because some people out of work found jobs, but others stopped looking for work and were no longer counted as unemployed. And without an increase of 80,000 temporary jobs, the economy would have posted a net loss for January. Still, more than 4 million Americans have lost jobs and stopped looking for work since the pandemic began.
Police seek culprit in Dearborn Heights bank robbery
DEARBORN HEIGHTS, Mich. – Police in Dearborn Heights are looking for woman in connection with a Thursday morning bank robbery. According to authorities, the the robbery happened at about 11 a.m. at the Bank of America located near the intersection of Ford and Telegraph roads. Police said she was driving a dark colored 2015-2020 Chevrolet Malibu. Anyone with information is asked to contact the Dearborn Heights Police Department at 313-277-6770. More: Metro Detroit crime news
Bank profits remain resilient despite lingering pandemic
They set aside, yet again, tens of billions of dollars to cover additional potentially bad loans. Collectively the five biggest banks put aside $34.62 billion to cover bad loans just in the second quarter. JPMorgan set aside $611 million to cover potentially bad loans in the third quarter, a fraction of the $10.47 billion the bank set aside to cover bad loans in the second quarter. On Wednesday, Bank of America said it set aside $1.4 billion to cover potentially bad loans, far less than the $5.1 billion it set aside three months earlier. Most of the worry seems to reflect investors' uncertainty about whether banks will have to set aside additional billions in the future.
Bank of America profit falls 15.6% in third quarter
CHARLOTTE, N.C. – Consumer banking giant Bank of America says third-quarter profit declined 15.6% from a year earlier, but saw less need to put aside money to cover potentially bad loans, citing improvements in the U.S. economy. The North Carolina-based bank said Wednesday that it earned a profit of $4.88 billion, or 51 cents per share, down from a profit of $5.78 billion, or 56 cents per share, in the same period a year earlier. BofA had $1.4 billion in loan-loss reserves in the third quarter, down from the $5.1 billion it set aside in the second quarter. BofA’s loan-loss reserves were higher than JPMorgan's, which only set aside $611 million in the quarter, but less than the $2.26 billion that Citigroup had set aside. The bank’s net interest yield — a measurement of how much profit the bank is earning on the loans it approved — was 1.72% in the quarter, down from 2.41% a year earlier.
Bank of America's 2Q results hurt by pandemic like others
NEW YORK Bank of America's second quarter profits were sawed in half and the consumer banking giant set aside billions of dollars to cover potentially bad loans caused by the pandemic. Bank earnings this quarter have begun to paint a picture of American families and businesses struggling to pay bills with swaths of the nation's economy shut down. Those provisions come on top of the tens of billions they set aside in the first quarter when the pandemic first began to bloom. Because it is so consumer-focused, BofA is feeling the effects of the coronavirus pandemic more acutely than other major banks. The bank also revised down its outlook for the U.S. economy, following similar actions by other banks this week.
Bank of America rakes in record profit
Justin Sullivan/Getty Images(CNN) - Bank of America hauled in its fattest profit ever during the second quarter thanks to sturdy spending from households that offset trouble in markets. Bank of America said on Wednesday that its profit jumped 8% during the second quarter to $7.3 billion, marking a record for the lender. For the first six months of 2019, Bank of America hauled in $14.7 billion, also setting a record for the first-half of a year. Global markets profit fell 7% at Bank of America, driven by a 6% decline in sales and trading revenue. Unlike Goldman Sachs, which reported an increase in stock trading revenue, Bank of America suffered a 13% tumble in that area.
Citigroup has become darling of Wall Street
Citi will kick off bank earnings season on Monday when it reports its second quarter results. Concerns about China's slowdown and weakening growth in Europe could hit the international divisions of the big banks. The stock market remains near record highs -- a boon for the big banks and their Wall Street units as well. "Lower interest rates should preclude a widespread real estate meltdown," said KBW analyst Frederick Cannon in a bank earnings preview report. "Higher interest rates slowed home sales early in the year.