The success or failure of meeting the United Nations’ Sustainable Development Goals will ultimately fall on the financial industry, though the increasingly mainstream nature of sustainable investing has pushed the industry in the right direction, Bank of America CEO Brian Moynihan said Monday.
The Consumer Financial Protection Bureau said Friday it had granted a no-action letter to Bank of America to enable the bank to roll out its short-term, small-dollar loan program unveiled last month.
Home-lending refinancing activity, which was boosted by a drop in interest rates earlier this year amid the COVID-19 downturn, is leveling off due to rates stabilizing, Bank of America Chief Financial Officer Paul Donofrio said on Thursday.
A former Bank of America securities analyst charged nearly $21,000 to a company credit card at an “adult entertainment establishment,” and lied about what the funds were used for, an investment firm regulator said.
The ability of the largest U.S. banks to remain solvent during an extended recession hinges on continued government support because they are in “a significantly shakier position” than they appear, highlighting the need for an immediate halt in dividend payments, according to an advocacy group.
Several of the world's largest banks including Goldman Sachs, Bank of America and JPMorgan will have to face a lawsuits claiming they colluded for nearly a decade to manipulate pricing of certain municipal debt issuances.
Citigroup on Friday revealed what it described as the largest-ever private-sector social bond, raising $2.5 billion for affordable housing, following a pandemic-driven string of similar issuances.
Bank of America will no longer provide semi-monthly $200 payments that have provided branch workers with supplemental income during the COVID-19 pandemic after the end of the month, a spokesperson said Thursday.
Bank of America said Monday that it took equity stakes in three more minority-owned and community development banks, advancing a promise by the second-largest bank in the U.S. to extend $1 billion to financial institutions, businesses and initiatives supporting Americans who are disproportionately affected by the COVID-19 pandemic.
Morgan Stanley said Wednesday that it launched a $1 billion social bond to support affordable housing initiatives in the U.S., marking the latest initiative by a financial firm to further environmental, social and governance commitments.
Bank of America tapped Fernando Vicario, who has been with the firm for more than two decades, to be the next head of its European banking hub as the bank looks to solidify its presence in the market ahead of the fast-approaching Brexit deadline.
U.S. banks including JPMorgan Chase, Citigroup and Bank of America have warned staff that bonuses may fall below typical levels given surprisingly strong profits in certain areas in 2020, according to the Financial Times.
Billtrust entered an agreement with a blank-check company on Monday to go public with an estimated valuation of $1.3 billion as the fintech plans to capture a “disproportionate share” of the market of facilitating business-to-business payments.
Only one-third of Bank of America’s board members are women, and just about one-sixth are either Black or Hispanic, the second-largest U.S. bank by assets disclosed in a new report, making it the latest major financial firm to reveal the makeup of its staff amid a push for greater diversity.
Improvements in customer spending from the depths of the COVID-19 downturn helped to propel Bank of America to a nearly $4.9 billion profit during the third quarter, suggesting a faster recovery on the consumer side than on the commercial one as the bank continues to take a hit from low interest rates.
Credit Suisse has hired a former head of global investments at Bank of America to help lead a new group servicing wealthy clients, according to people familiar with the matter, amid signs that the global wealth management sector is slowing down.
Bond funds had their second-largest weekly inflows ever recorded, as the market has begun to anticipate Democrats taking the U.S. House, Senate and presidency in the November election, resulting in new rounds of fiscal stimulus, Bank of America said on Friday.
With the U.S. Federal Reserve pledging to keep interest rates near zero through 2023, the nation’s largest banks are in a tight spot, trying to eke out revenue through trading and mortgage refinancing while cutting costs through layoffs.
Goldman Sachs is launching a new investing group to pursue opportunities in alternative energy, transportation, agriculture and waste management, part of a broader $750 billion sustainable finance push.
Bank of America introduced a new short-term liquidity option for its customers on Thursday, Balance Assist, as the U.S.’s second-largest bank cuts into the payday loan industry.