WASHINGTON—Bank of America has been fined $225 million by a pair of U.S. banking regulators over what they called a “botched” handling of jobless benefits during the pandemic. The Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB) said the bank had a faulty fraud detection program that improperly…
Bank of America Fined $225 Million for ‘Botched’ Disbursement of Jobless Benefits During Pandemic
Bank of America Reports Slowdown in Consumer Spending
July 12, 2022
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An analysis of Bank of America’s (BoA) aggregated credit and debit card spending growth per household has shown a slowdown in such activity, underlining the negative effect of inflation. “In the 28-day period ending June 30, aggregate Bank of America card spending (credit and debit) per household was up 3.3 percent YoY (year-on-year). This was…
4 Big US Banks Raise Dividends After Stress Tests
June 29, 2022
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NEW YORK/WASHINGTON—Morgan Stanley, Goldman Sachs, Bank of America, and Wells Fargo hiked their dividends on Monday after the U.S. banks cleared their annual stress test exercise last week. The U.S. Federal Reserve said on Thursday the country’s largest lenders could easily weather a severe economic downturn, giving them a clean bill of health and paving…
Bank of America Warns of Future Inflation Shocks, Declares ‘Technical Recession’
Bank of America issued a warning that the inflation shock in the United States is not over yet and that the economy is in “technical recession,” even if most people are unaware of it. “We’re in technical recession but just don’t realize it,” Michael Hartnett, the bank’s chief investment strategist wrote in a note ahead of…
Investment Banks Raise Oil Price Forecasts, Bank of America Targets $140 Barrel
Multiple investment banks have raised their crude oil price forecasts for the year, indicating a delayed respite from high prices. Bank of America analyst Paul Ciana pointed out in a note that West Texas Intermediate (WTI) oil has been trending bullish of late, suggesting that prices might move higher. WTI oil rose to $130 per…
Bank of America Raises Hourly Minimum Wage to $22
NEW YORK—Bank of America Corp. said it was raising its U.S. minimum hourly wage to $22 on Monday, a step closer to its promise of paying workers $25 an hour by 2025. The second-largest U.S. bank by assets has been steadily raising its minimum hourly wage since 2017, when it was $15, and has been…
Bank of America Reports Strong Earnings Results: Why This Investor Says the Firm Is Well Positioned Moving Forward
Bank Of America Corp. on Monday reported strong first-quarter financial results led by an increase in consumer lending activity. What Happened Bank Of America said first-quarter revenue grew 2 percent year-over-year to $23.2 billion, which beat the average analyst estimate of $23.1 billion. The firm reported quarterly earnings of 80 cents per share, which beat the…
Bank of America Executives Bullish After Profit Beat
April 19, 2022
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Bank of America Corp. provided a bullish outlook after reporting a smaller-than-expected 13 percent fall in first-quarter profit on Monday, as growth in consumer lending overshadowed a decline in global dealmaking. Chief Executive Brian Moynihan said Bank of America customers had spent at the highest level ever recorded for the first quarter, representing a double-digit…
California Court Seizes Illegal Bank Accounts Held by Chinese Nationals
March 22, 2022
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Asia & PacificBank of AmericaBeijingChinaChina Business & EconomyChinese nationalsCrime and IncidentsJudiciaryLocal NewsNorthern CaliforniaPatriot ActRegional-Local NewsSouthern CaliforniaU.S. Department of JusticeUSUS NewsUS-China relationsWorld
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The U.S. Department of Justice on Feb. 16 filed a lawsuit in a California court seizing the funds of hundreds of Chinese nationals who held illegal U.S. bank accounts obtained through a criminal ring. As Beijing tightens the limit on capital leaving the country, many Chinese nationals seek other channels to move funds overseas. For…
DOJ Seeks Seizure of Bank Accounts Allegedly Illegally Held by Chinese Nationals
March 22, 2022
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Asia & PacificBank of AmericaBeijingChinaChina Business & EconomyChinese nationalsCrime and IncidentsJudiciaryLocal NewsNorthern CaliforniaPatriot ActRegional-Local NewsSouthern CaliforniaU.S. Department of JusticeUSUS NewsUS-China relationsWorld
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The U.S. Department of Justice on Feb. 16 filed a lawsuit in a California court seeking to seize the funds of hundreds of Chinese nationals who held illegal U.S. bank accounts obtained through a criminal ring. As Beijing tightens the limit on capital leaving the country, many Chinese nationals seek other channels to move funds…
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