Wells Fargo

Bank of America
Alert me
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.

U.S. Bancorp and Wells Fargo performed the worst for struggling U.S. mortgage borrowers at the height of the COVID-19 pandemic, according to a new analysis published Tuesday by an advocacy group for front-line bank employees.

Bank of America’s approved patents surged by 20% in the first half of the year, compared with the same period a year ago, with almost half related to technologies involving artificial intelligence, machine learning or information security.

Artificial intelligence developed by Charlotte-based Bank of America predicted a higher corporate rate default rate than the bank’s analysts, particularly in the energy sector, according to research disclosed Friday.

Berkshire Hathaway cut its investment in Wells Fargo by more than 40% on Friday, selling more than 100 million shares in the bank in the latest of several major investment moves by Warren Buffett’s conglomerate.

Pricing is taking place this week for a $2.25 billion Florida bond sale, marking the state catastrophe reinsurance fund’s first offering since 2016, as interest rates remain low and a hurricane season that’s forecast to be particularly active continues.

Merrill Lynch released detailed statistics on the demographic makeup of its U.S. employees, saying that more than half of its new advisors qualify as “diverse,” in a bid to address broad public concerns about racial discrimination.

With shares in financial institutions hammered by the COVID-19 pandemic, Warren Buffett’s Berkshire Hathaway slashed its stakes in some of the biggest U.S. banks in the second quarter, including Wells Fargo and JPMorgan, even as it moved to bet big on Bank of America.

First Republic Bank’s investment management subsidiary revealed Thursday that it has nabbed Merrill Lynch veteran Phil Scott, who will bring along a crew of 11 as he assumes the role of managing director and wealth manager at the company’s Seattle-area office.

Wells Fargo Chief Compliance Officer Mike Roemer is leaving the bank after two years and will be replaced by a Credit Suisse executive, part of a broader shake-up in the troubled bank’s compliance department, the bank said Thursday.

The world’s largest retail digital payments network is poised to make an unprecedented green bond offering, a Monday filing with the U.S. Securities and Exchange Commission shows.

TD Bank on Friday unveiled a data transfer plan with fintech Finicity, creating a system through which the bank said it may “eventually eliminate” the need for customers to provide third-party service providers with sensitive login information.

A U.S. Federal Reserve official defended the central bank’s loan program meant to help midsize businesses on Friday as U.S. congressional oversight committee members scrutinized how long it took for the program to become operational, how effective the program has been and whether changes to the program are warranted.

Toronto-Dominion Bank faced criticism from a social justice advocacy group over investments in publicly traded U.S. firms that operate private prisons and immigration detention centers, which have sparked human rights concerns amid the coronavirus pandemic.

Goldman Sachs is developing an app to identify parts of a company that are vulnerable to activist investors or good targets for mergers, as the investment bank leans into providing more technology-based services.

Funding for a trial program that would allow the U.S. Postal Service to experiment with offering banking services passed the House of Representatives on Friday, even as financial industry groups and Republican lawmakers rallied against the proposal.

Bank of America on Wednesday said that it became the largest U.S. financial institution to commit to disclosing the climate impact of its loan and investment portfolio as a member of the Partnership for Carbon Accounting Financials, boosting the group’s leverage as it prepares to release a draft methodology next week.

Insurance and investment conglomerate Berkshire Hathaway paid nearly $400 million last week for 16.4 million shares of Bank of America, further committing to its second-largest investment.

Bank of America reached a settlement Thursday with the U.S. Justice Department over claims the bank denied loan applications and home equity lines of credit to disabled people from 2010 to 2017.

Wells Fargo said Tuesday that Mike Santomassimo will join as its new chief financial officer in the fall, succeeding John Shrewsberry, who will be retiring after more than two decades at the company.