Overdraft fees could drop to as low as $3 under new Biden proposal
The cost to overdraw a bank account could drop to as little as $3 under a proposal announced by the White House, the latest move by the Biden administration to combat fees it says pose an unnecessary burden on American consumers, particularly those living paycheck to paycheck.
CEOs of the nation's biggest banks warn that new regulations could harm the economy
The heads of Wall Streetโs biggest banks used an appearance on Capitol Hill to plead with senators to stop the Biden administrationโs proposed changes to how banks are regulated, warning that the proposals could negatively impact the economy at a time of geopolitical turmoil and inflation.
Bank of America hit with $250M in fines and refunds for 'double-dipping' fees and fake accounts
Bank of America must reimburse customers more than $100 million and pay $150 million in fines for โdouble-dippingโ on overdraft fees, withholding reward bonuses on credit cards and opening accounts without customer consent.
Bank of America profits grow 15%, avoids industry crisis
Bank of America said its profits grew 15% last quarter, the latest of the big banks to do exceptionally well this earnings season as investors and consumers flock to Wall Street for safety after the failure of Silicon Valley Bank and Signature Bank.
Bank CEOs questioned on consumer protections, social issues
The CEOs of the nationโs biggest banks returned to Capitol Hill for a second day Thursday, and Senate Democrats strongly urged them to do more to help and protect their customers, while Republicans questioned whether banks should weigh in on hot-button social issues.
March hiring accelerated to 916K, yet many jobs remain lost
Americaโs 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. โ 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. โ 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. BofAโs 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 bankโs net interest yield โ a measurement of how much profit the bank is earning on the loans it approved โ 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.