In this year’s annual reports to shareholders, America’s largest banks proclaimed their allegiance to climate activism, racial equity, and other progressive causes, spending billions in shareholders’ money to support this agenda. Similar in vein to BlackRock CEO Larry Fink’s annual letter, which often pushed other CEOs to get in line with initiatives like renewable energy,…
Banks Spend Billions on Climate, Racial Equity
April 12, 2023
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Bank of America CEO Proclaims ‘We Are Capitalists’ After Critics Blast ESG Stance
March 8, 2023
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Bank of America CEO Brian Moynihan told shareholders this week that “we are capitalists,” after a massive backlash from critics over his bank’s stance on the environmental, social, and governance (ESG) agenda. The head of America’s second-largest bank is under heavy fire as Wall Street executives face increasing criticism across the country for adopting progressive…
Arizona Attorney General Stops State’s Probe Into ESG Banking Practices
Arizona Attorney General Kris Mayes announced the state would not participate in further investigations of United States banks and financial institutions that engage in Environmental, Social, and Justice (ESG) lending and investment practices. In a Feb. 13 statement, Mayes, a Democrat, accused her Republican predecessor Mark Brnovich of launching “politicized investigations” into the environmental sustainability…
Bank of America Strategists Expect Economic ‘Hard Landing’ to Pummel Markets
February 17, 2023
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Bank of America strategists are expecting an economic “hard landing” to pummel the markets at the end of the year, due to a resilient U.S. economy. Economists are beginning to fear that a delayed recession in the second half of 2023 will be harsh on stocks, since the current state of the American economy is keeping…
Major Banks See Federal Reserve Raising Interest Rates Beyond 5 Percent as Inflation ‘Refuses to Soften’
February 17, 2023
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Goldman Sachs, Deutsche Bank, the Bank of America (BofA), and other financial institutions are expecting the Federal Reserve to extend its interest-rate hikes as elevated inflation and strong employment maintain upward pressure on prices. BofA now expects a pause in interest rate hikes in July rather than earlier expectations of June. “Resurgent inflation and solid…
‘This Is Not Your Typical Recession’: Bank of America’s Savita Subramanian
Bank of America (BofA) strategist Savita Subramanian believes the United States is not facing a “typical recession” and expects the economic slowdown to extend into the next year, while also raising alarm bells about the Federal Reserve’s quantitative-tightening policy. “This is not your typical recession, because I think what’s happening is that you’ve still got…
Man Suspected of Attempted San Diego Bank Robbery Turns Himself In
January 31, 2023
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SAN DIEGO—A man suspected of attempting to rob a bank in National City surrendered to the Escondido Police Department, the FBI in San Diego announced on Jan. 31. The attempted robbery occurred around 4:30 p.m. Jan. 18 at a Bank of America branch at 235 East Eighth Street, authorities said. The man entered the bank…
American Banks Prepare for Decline in Profits, 17 Percent Drop Predicted for Top Six Banks in the Fourth Quarter
January 10, 2023
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Big banks in the United States are getting ready to deal with shrinking profits due to factors like an overall difficult economic environment, despite the fact that interest incomes have risen over the past year. JP Morgan Chase, Citigroup, Bank of America, Wells Fargo, Goldman Sachs, and Morgan Stanley are the six largest lenders in…
Former Bank Manager Pleads Guilty to $1 Million Fraud in Yorba Linda
January 7, 2023
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SANTA ANA, Calif.—A former Bank of America Yorba Linda branch manager pleaded guilty Jan. 6 to stealing $1.2 million from the accounts of elderly customers. Lana Pothos, 59, of Anaheim pleaded guilty to a count of bank fraud and is scheduled to be sentenced July 10. Pothos and co-defendant Theron Fox, 49, of Tustin, who…
Bank of America Downgrades Coinbase Following FTX Collapse
November 19, 2022
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Bank of America (BofA) has downgraded the shares of crypto exchange platform Coinbase following the collapse of the FTX crypto exchange while warning about contagion risks in the volatile sector. The FTX crisis means that Coinbase (COIN) will likely face several new headwinds in the near or medium term, BofA analysts said in a note…
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