Investors were alarmed at suggestions by Jerome Powell, the Federal Reserve’s chairman, that interest rates could go even higher in a bid to halt inflation.
Tag Archives: Bank of America Corporation
Rising Interest Rates Lift Profits at Bank of America and Wells Fargo
Both banks increased their reserves as protection against deteriorating economic conditions, but signaled optimism about consumer resilience.
Stocks Jump Again as Corporate Earnings Continue to Defy Expectations
Another batch of quarterly profits beat analyst expectations, but some warn that the rally could be short lived, giving way to more selling.
Stock Markets Bounce After a Week of Whiplash
The S&P 500 rose sharply in early trading on Monday after strong earnings at Bank of America and news of a radically revised tax plan in Britain.
Elon Musk’s Twitter Bid Puts Pressure on the Banks Backing Him
Looming in the background of Mr. Musk’s $44 billion offer to buy the company is whether financing challenges will provide him with an escape hatch from a deal.
When Customers Say Their Money Was Stolen on Zelle, Banks Often Refuse to Pay
Federal law requires banks to reimburse customers for unauthorized electronic transfers, but they often refuse, stranding victims.
‘Black Panther’ Director Ryan Coogler Mistaken for Bank Robber
“We deeply regret that this incident occurred,” Bank of America said in a statement about the episode on Jan. 7. “It never should have happened, and we have apologized to Mr. Coogler.”
Fraud Is Flourishing on Zelle. The Banks Say It’s Not Their Problem.
Zelle, the payments platform used by millions of customers, is a popular target of scammers. But banks have been reluctant to make fraud victims whole — despite owning the system.
Older Americans Fight to Make America Better
We don’t want to leave the world a worse place than we found it.
Stocks climb as investors weigh a surprising jobs report and Amazon earnings.
Investors took the strong jobs showing as a reason for the Federal Reserve to move quickly as it starts to raise interest rates this year.
After Pleas for Help, Tenants of Bronx Fire Building to Get Cash Aid
Each household in the high-rise where 17 people died will get financial relief in the form of $2,250 in prepaid debit cards, Mayor Eric Adams said.
Why Banks Are Slow to Embrace Cloud Computing
Cloud computing is slowly changing how Wall Street banks handle their business, but concerns with security remain.
Goldman Sachs Follows Wall Street Rivals in Asking Staff to Work From Home
In a shift in policy as Covid cases rise, the Wall Street firm urged U.S. employees who can work remotely to do so until Jan. 18.
Wall Street Warms Up, Grudgingly, to Remote Work, Unthinkable Before Covid
Finance employees who couldn’t imagine working from home before the pandemic are now reluctant to return to the office. Their bosses can’t figure out how to bring them back.
Banks Tried to Kill Crypto and Failed. Now They’re Embracing It (Slowly).
Digital payments technology is forcing the financial system to evolve. Banks feel their power waning and want to regain control.
Wall Street Sees a Record-Deal Spree as a Reason for Optimism
Fees from advising corporate clients on mergers and other deals raised bottom lines across Wall Street. Bankers say it’s a good sign for the recovery.
Loans Will Be the Key to Banks’ Future Fortunes
The big banks are expected to benefit from increased consumer spending when they report earnings this week. Where they go from here will depend greatly on lending to households and businesses.
Bank of America Revamps Leadership, but C.E.O. Plans to Stick Around
The nation’s second-largest bank promoted several executives, although it’s unlikely that any of them will replace Brian Moynihan, the chief executive, anytime soon.
Why You Might Not Be Returning to the Office Until Next Year
After the Delta variant disrupted plans to reopen after Labor Day, many businesses pushed their targets further out or left them open-ended.
Two of Bank of America’s Post-Crisis Leaders Will Retire
Vice Chair Anne Finucane, one of the most powerful women in banking, will leave at the end of the year. So will its chief operating officer, Thomas K. Montag.
Banks Are Bingeing on Bonds, but Not Because They Want To
Banks are awash in deposits, and their customers are taking out fewer loans. So they have little choice but to buy up government debt, even if it means skimpy profits.
Workers, in Demand, Have a New Demand of Their Own: A Career Path
More low-wage employees want opportunities to grow. Big companies are making more promises to help them.
Soho House Is Going Public, With Questions About Its Business
Soho House will begin trading. All eyes are on whether stock market investors will sign up.
Companies Are Still Grappling With Their Vaccination Policies
Companies are sending surveys, offering cash rewards and requiring disclosures to find out how much of their work force is vaccinated.
How a Bank of America Executive Created a Tense Work Culture
Thomas K. Montag, the bank’s No. 2 executive, has long run its markets and corporate banking division with favoritism and an iron fist, employees say.
With a Big Tax Break, Hong Kong Tries to Soothe the Rich
Beijing, which can’t afford to let its attack on civil liberties scare away global banks and financiers, is offering them a big tax break and other perks.
Looming Deadline and Last-Minute Changes Hinder Small-Business Relief
Lenders are struggling with a new Paycheck Protection Program rule intended to get more money to sole proprietors — and some banks are simply refusing to make the change.
Companies Put Return-to-Work Plans in Motion
Many employers are not making a decision until many workers are vaccinated. And some are making plans for “hybrid” work arrangements.
Big Banks’ Earnings Reflect the U.S. Economy Joe Biden Is Inheriting
Big banks are sending mixed signals.
Biden’s Inaugural Will Be Mostly Virtual, but Money From Donors Will Be Real
The president-elect’s allies have begun an ambitious fund-raising campaign for the celebration of his swearing-in. Big donors will get “virtual signed photos” — and a chance to generate good will.
Despite Billions in Fees, Banks Predict Meager Profits on P.P.P. Loans
Banks collected at least $13 billion in fees on Paycheck Protection Program loans, according to a New York Times analysis. But the largest lenders say costs wiped out most of what they took in.
Banks Suspected Illegal Activity, but Processed Big Transactions Anyway
A leak of thousands of “suspicious activity reports” that banks filed with regulators shows the widespread nature of illicit money flows.
The Black Lives Next Door
A new generation of activists is trying to figure out where to concentrate its efforts. Residential desegregation is the final frontier.
Coronavirus Tests the Leadership Style of Goldman Sachs’s C.E.O.
The pandemic has given David Solomon a chance to try out a more open-minded approach in tune with the bank’s young work force.
Profits Rebound at Warren Buffett’s Berkshire Hathaway
Berkshire reported earnings of $26.4 billion in the second quarter, a turnaround from its $49.7 billion loss in the first quarter, when the pandemic caused a plunge in the stock market.
Interest Rates Are Low, but Loans Are Harder to Get. Here’s Why.
Banks have tightened standards, becoming more choosy about their borrowers and asking a lot of questions.
‘Banking While Black’: How Cashing a Check Can Be a Minefield
Black customers risk being racially profiled on everyday visits to bank branches. Under federal laws, there is little recourse as long as the banks ultimately complete their transactions.
Boxed Lunches and Plexiglass Will Welcome Back Wall Street’s Workers
The finance industry will return to its offices this month, but the landscape is likely to be altered for many months to come.
As Banks Stumble in Delivering Aid, Congress Weighs Other Options
Accounts provided by the Federal Reserve and distributions handled by payroll processors are among the ideas floating around Capitol Hill.
Businesses Say Big Banks Flouted ‘First Come First Served’ for Aid
Small-business owners are suing, claiming that applications for stimulus loans weren’t processed in the order they were received.
SBA Loan Program Starts As Small Businesses Make Urgent Applications
A $349 billion program to throw them a financial lifeline got off to a rocky start on Friday as the U.S. economy continued to seize up.
As Virus Hobbles Economy, Companies Race to Tap Credit and Raise Cash
The clamor for corporate funding is raising concerns about a financial reckoning reminiscent of 2008.