Tag: Bank of America


Electronic payments surged for banks in 2020

April 13, 2021

Via: Payments Dive

Digital payments have clearly been catching on with the annual volume climbing by more than a billion annually in each of the past six years and the annual value growing by more than $1 trillion in each of the last […]


Wells Fargo, Bank of America roll out office-return benchmarks

March 31, 2021

Via: Banking Dive

Wells Fargo is setting its sights on a September office return, CEO Charlie Scharf and Chief Operating Officer Scott Powell told employees in a memo Tuesday. “We are encouraged by the significant increase in vaccination availability and have started to […]


Democrats’ Stimulus Bill Will Accustom Many Americans to Monthly Government Checks

March 8, 2021


The Senate on Saturday passed the Democrats’ $1.9 trillion stimulus bill without a single Republican vote. This week, the House plans to take up the Senate bill, to avoid further negotiations. White House Communications Director Kate Bedingfield, speaking to CNN’s […]


Raises at top 6 US banks average fraction of a percentage point

January 22, 2021

Via: Banking Dive

Employees at the nation’s six largest banks got an average raise of $271 in 2020, Bloomberg reported Thursday. Even for someone making $50,000 a year, that comes out to a pay bump of half a percentage point. And the penny […]

Capital and Risk, Operational, Retail Banking

Bank of America flags 640K accounts on suspected unemployment benefits fraud

December 10, 2020

Via: Banking Dive

Bank of America issued more than 8.2 million cards holding more than $105 billion between March and November under a contract with the California Employment Development Department (EDD). After the EDD announced that nearly 350,000 of its debit cards had […]

Activity, Capital and Risk, Corporate Banking, Credit

How Bank of America’s small-business strategy laid groundwork for PPP efforts

December 8, 2020

Via: Banking Dive

As lawmakers debate a new stimulus package, including the possibility of a new tranche of Paycheck Protection Program (PPP) funding, banks that delivered large volumes of PPP loans this year may find themselves better prepared for a third rollout. For […]

Activity, Corporate Banking, Investment Banking

Morgan Stanley, JPMorgan, Bank of America diverge on bonuses

December 7, 2020

Via: Banking Dive

More often than not, when one major bank takes a stance — on any issue from environmentally conscious investing, to hiring a diverse workforce, to pandemic-induced work policies — its competitors are generally swift to follow if the move is […]

Activity, Trading

Stephen Moore: Is the Stock Market Telling Us That Trump Will Win?

October 27, 2020


Why is the stock market so high? I get asked this riddle every day. The standard answers we hear these days are that the market is anticipating another $2 trillion Donald Trump-Nancy Pelosi stimulus bill (either before or right after […]

Activity, Corporate Banking

Bank of America teams up with Black-owned Unity bank

October 9, 2020

Via: FinTech Futures

According to Black Business, BoA has acquired approximately 5% of the bank’s common equity. Its investment is aimed at offering benefits to the communities that Unity serves through services such as lending, housing, neighbourhood revitalisation, and more. “Unity remains committed […]

Capital and Risk, Credit

Bank of America wades into payday loans business

October 8, 2020

Via: Finextra

Bank of America today introduced Balance Assist, a revolutionary new solution that provides a low-cost way for clients to manage their short-term liquidity needs, borrowing only the amount they need, up to $500. Balance Assist is the latest offering in […]