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Tag: Bank of America


Activity, Corporate Banking

Bill Holdings, Bank of America revamp contract

February 12, 2024

Via: Banking Dive

Bill Holdings had been planning on increased work from Bank of America, but now that plan is up in the air, the CEO for the bill-pay fintech said last week. Bill, which provides bill pay and other accounting software services […]


News

Bank of America expects employee sabbaticals to pay dividends

February 2, 2024

Via: Banking Dive

“Sabbatical” is typically a word associated with tenured professors, who take time off to pursue intellectual pursuits. But what if you didn’t have to teach university courses to earn extended paid time off? Bank of America’s offering, launched in January […]


Regulations

Bank of America to take $1.6B charge in Q4 earnings

January 8, 2024

Via: Banking Dive

Bank of America will recognize a $1.6 billion charge for 2023’s fourth quarter, the Charlotte, North Carolina-based lender said Monday, according to a filing with the Securities and Exchange Commission. The charge stems from Bloomberg’s announcement that it would halt […]


Regulations

Bank of America to pay $12M over lax mortgage data reporting

November 29, 2023

Via: Banking Dive

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 […]


Activity, Retail Banking

Small business card debt has risen: Bank of America

November 17, 2023

Via: Payments Dive

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 […]


News

Bank of America boosts minimum hourly wage to $23

September 21, 2023

Via: Banking Dive

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 […]


Activity, Investment Banking

Bank of America (BAC) Tops Q2 Earnings and Revenue Estimates

July 18, 2023

Via: Yahoo

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. […]


News

In BofA’s headcount, the math doesn’t match the messaging

April 19, 2023

Via: Banking Dive

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 […]


Activity, Corporate Banking, Regulations

Bank of America misled PPP borrowers, lawsuit alleges

March 7, 2023

Via: Banking Dive

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 […]


Activity, Retail Banking

Bank of America wants a human bridge for its AI help

December 12, 2022

Via: Banking Dive

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 […]


Regulations

Six U.S. Banks Investigated for Working With U.N. to Deny Credit to Fossil-Fuel-Involved Companies

October 20, 2022

Via: CNSNews.com

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 […]


News

Analysts Estimate Bank of America (BAC) to Report a Decline in Earnings: What to Look Out for

October 10, 2022

Via: Yahoo

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 […]


News

Bank of America to issue revamped office-return policy in 6-8 weeks

September 7, 2022

Via: Banking Dive

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,” […]


Capital and Risk, Credit

BofA, BMO push to close racial property ownership gap

August 31, 2022

Via: Banking Dive

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 […]


Regulations

US regulators fine Bank of America $225m for “botched disbursement” of unemployment benefits

July 21, 2022

Via: FinTech Futures

“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 […]


Regulations

Bank of America fined $225M over ‘botched’ disbursement of unemployment benefits

July 18, 2022

Via: Payments Dive

“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 […]


Capital and Risk, Trading

3 Buffett Stocks to Buy Amid High Inflation and Rising Interest Rates

May 13, 2022

Via: Yahoo

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 […]


Regulations

US Consumer Financial Protection Bureau fines Bank of America $10m for illegal garnishments

May 12, 2022

Via: FinTech Futures

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 […]


News

Bank of America to make its credit cards from recycled plastic

April 21, 2022

Via: American Banker

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, […]


Activity, Corporate Banking, Retail Banking

Bank of America sees 12% Q1 profit dip

April 18, 2022

Via: Banking Dive

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 […]