• Bank of America warns that the pound is facing a 'existential crisis'

    Bank of America warns that the pound is facing a 'existential crisis'

    One of Wall Street's biggest banks has warned that the pound is in the midst of a "existential crisis" and will likely drop further this year.
  • Bank of America: coming “recession shock” possible boon for crypto

    Bank of America: coming “recession shock” possible boon for crypto

    As the Federal Reserve tightens its monetary policy to stop rising prices, Bank of America says there will be a
  • Warren Buffett confuses Wall Street as he buys gold, sells Goldman Sachs

    Warren Buffett confuses Wall Street as he buys gold, sells Goldman Sachs

    Warren Buffett has given up his long-held conviction against buying gold — and he’s meanwhile getting out of Goldman Sachs. The totemic tycoon revealed in filings late last week that he has scooped up more than 20 million shares of mining giant Barrick Gold Corp. even as he unloaded nearly all of his nearly 2 …
  • Bank of America’s profit plunges as it sets aside $5B for coronavirus defaults

    Bank of America’s profit plunges as it sets aside $5B for coronavirus defaults

    Bank of America’s profits plunged by more than half as it set aside more than $5 billion in capital to brace itself against possible loan defaults in the coming months. The nation’s No. 2 lender on Thursday reported earnings of $3.53 billion, or 37 cents per share versus $7.35 billion, or 27 cents a share, …
  • Federal Reserve reins in bank spending on pandemic fears

    Federal Reserve reins in bank spending on pandemic fears

    The Federal Reserve is making life a little harder for Jamie Dimon and his fellow big bankers until it gets more clarity on just how painful the coronavirus pandemic will be for the American economy. On Thursday, the Fed unleashed a series of restrictions on bank operations over the next few months, including a hard …
  • Bank of America pledges $1 billion to address racial, economic inequality

    Bank of America pledges $1 billion to address racial, economic inequality

    Bank of America Corp on Tuesday pledged $1 billion to help communities across the country address economic and racial inequality, the first big bank to vow monetary support following violent protests after the death of an unarmed black man at the hands of police in Minneapolis. “The events of the past week have created a …
  • Bank of America’s profit slides 45 percent as it braces for defaults

    Bank of America’s profit slides 45 percent as it braces for defaults

    Bank of America chief Brian Moynihan has spent a decade preparing his megabank for the next financial crisis, but he still wasn’t fully prepared for the coronavirus pandemic. On a Tuesday morning call with reporters discussing first-quarter results, the chief executive said his $2.3 trillion bank is ready to weather the unprecedented COVID-19 outbreak, but …
  • Bank of America slammed over favoring small biz loans for existing customers

    Bank of America slammed over favoring small biz loans for existing customers

    Bank of America said on Friday it has already received about 35,000 applications for federally backed small-business loans within hours of starting to accept them. The second largest US bank by assets became the first major bank to accept applications for the massive small-business rescue program approved by Congress last week. But the bank was …
  • US banks offer bonuses, extra pay for rank-and-file employees

    US banks offer bonuses, extra pay for rank-and-file employees

    Some US banks on Monday offered employees one-time bonuses to help ease the financial burden of the coronavirus pandemic and as a reward for working through the crisis. Banks have largely been excluded from government-mandated shutdowns across the country because they are considered an essential industry by the federal government, meaning most bank branches, call …
  • Chinese virus has sent US into ‘brutal’ recession, Bank of America warns

    Chinese virus has sent US into ‘brutal’ recession, Bank of America warns

    The US economy has fallen into a recession because of the Chinese virus pandemic that will make for a “brutal” three months ahead, Bank of America warned Thursday. The bank expects the nation’s gross domestic product to plunge a record 12 percent in the second quarter of this year after meager growth of 0.5 percent …