Tag: Bank of America

November 29, 2023

Bank of America agreed to pay $12 million to settle allegations that hundreds of its loan officers failed to collect required demographic data from mortgage applicants — specifically, race, ethnicity and sex — but reported to the Consumer Financial Protection […]

November 17, 2023

Bank of America attributes the rise in small business credit card balances in part to increased spending in 2021 and the first half of 2022. The report focused on small businesses noted that credit card spending has remained at about […]

September 21, 2023

Bank of America will boost its minimum hourly wage to $23 next month, in its latest step toward paying its lowest-earning employees $25 per hour by 2025, the company announced Wednesday. The Charlotte, North Carolina-based lender has bumped up its […]

July 18, 2023

Bank of America (BAC) came out with quarterly earnings of $0.88 per share, beating the Zacks Consensus Estimate of $0.84 per share. This compares to earnings of $0.73 per share a year ago. These figures are adjusted for non-recurring items. […]

April 19, 2023

Bank of America has cut 1,000 jobs so far this month and plans to cut another 3,000 by the end of June, according to figures it disclosed during a quarterly earnings call Tuesday. The bank’s headcount dropped to 216,000 on […]

March 7, 2023

A class-action lawsuit filed against Bank of America last month claims the bank misrepresented the amount of pandemic aid small business owners were eligible for, leaving firms saddled with unforgivable debt. Three California-based small businesses — Happy Puppy LA, Brandamize […]

December 12, 2022

Erica, which was launched in 2018, garnered 1 billion client interactions and has helped 32 million users. Bank of America expects Erica, early next year, to connect clients to banking agents regarding new products and services, such as mortgages, credit […]

October 20, 2022

Attorneys-general from 19 states are investigating six major American banks that have signed on to the United Nations’ Net-Zero Banking Alliance, pledging to achieve net-zero emissions in their lending and investment portfolios by 2050. The banks under investigation include Bank […]

October 10, 2022

Wall Street expects a year-over-year decline in earnings on higher revenues when Bank of America (BAC) reports results for the quarter ended September 2022. While this widely-known consensus outlook is important in gauging the company’s earnings picture, a powerful factor […]

September 7, 2022

Bank of America will release a revamped office-return policy in the next six to eight weeks, CEO Brian Moynihan told an audience Tuesday at a banking conference in New York. “We’ll have more flexibility than we did, on paper, before,” […]

August 31, 2022

Bank of America and BMO Harris are leaning into real estate aid with programs designed to close the racial property ownership gap. Bank of America launched two programs Tuesday — one to aid small-business owners and another aimed at future […]

July 21, 2022

“Bank of America automatically and unlawfully froze people’s accounts with a faulty fraud detection program, and then gave them little recourse when there was, in fact, no fraud,” the CFPB says. “Taxpayers relied on banks to distribute needed funds to […]

July 18, 2022

“Today’s action demonstrates the OCC’s commitment to holding our regulated institutions accountable for treating consumers fairly,” Acting Comptroller Michael Hsu said in a statement. “The bank failed these prepaid cardholders by denying them access to their mandated unemployment funds during […]

May 13, 2022

Stocks are off to a rough start in 2022. Investors are primarily concerned about inflationary pressures and how they might affect the economy. The most recent Consumer Price Index (CPI) for April put inflation at 8.3%. While this is below […]

May 12, 2022

The CFPB says BofA unlawfully froze customer accounts, charged garnishment fees and “sent payments to creditors based on out-of-state garnishment court orders that should have been processed under the laws and protections of the states where the consumers lived”. Garnishments […]

April 21, 2022

Bank of America said it will make all of its plastic credit and debit cards from recycled material beginning next year. All of the cards, which will feature a recycling logo, will be manufactured using at least 80% recycled plastic, […]

April 18, 2022

Bank of America set aside just $30 million to counter potential credit losses, CNBC reported — far less than the likes of Citi or JPMorgan, which hold greater exposure to Russia. “[Russia] has never been a big part of our […]

February 10, 2022

Warren Buffett’s best-performing stock last year? One he’s been dumping. Wells Fargo shares delivered a total return of 61% last year, outpacing every other company listed in the most recent public snapshot of Berkshire Hathaway’s portfolio, as of Sept. 30, […]

January 11, 2022

Bank of America’s decision to slash its overdraft fee from $35 to $10 is likely to have ripple effects across the industry, analysts said, pressuring other banks to follow suit. On its face, the megabank’s announcement Tuesday appeared less aggressive […]

November 1, 2021

The J.D. Power survey included responses gathered between June and August from 7,327 small-business owners and “financial decision-makers.” The research firm found customer satisfaction ranked 13 points higher, on average — 829, among customers of national banks, as opposed to […]