Bank of America CEO Brian Moynihan said Friday that the current state of the economy doesn’t meet the definition for a recession—thanks in part to robust consumer spending and a tight labor market—and instead should be understood as a “mitigation of the rate of growth.” Moynihan’s remarks, made during an appearance on CNBC’s “Squawk Box…
Don’t Call It a Recession but a ‘Mitigation’ in Growth: Bank of America CEO
Bank of America Survey ‘Screams’ Market Capitulation in 2023, Experts Warn Worst Is Yet to Come
Strategists at Bank of America (BoA) have warned about stocks seeing a capitulation—a massive surge in selling pressure in a falling market that often leads to a dramatic decline in prices—this year. A survey of global fund managers found that their sentiment “screams macro capitulation, investor capitulation, start of policy capitulation,” BoA strategists said in…
US Economy to Start Losing 175,000 Jobs a Month Next Year: Bank of America
Bank of America on Friday warned that the Federal Reserve’s policies aimed at tackling inflation could see the U.S. economy start losing tens of thousands of jobs a month beginning early next year. While American employers slowed down hiring in September, the United States still added 263,000 jobs, down from an upwardly revised 537,000 in August, according to data from…
Stocks Heading to New Lows as Inflation ‘Ain’t Over’: Bank of America
September 17, 2022
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Despite falling for much of the year, the U.S. stock market might decline even further rather than recover due to elevated inflation rates, according to a note by a Bank of America (BofA) strategist. Warning that the “inflation shock ain’t over,” strategist Michael Hartnett highlighted that past bear markets show the average peak-to-trough declines of…
Bank of America Is Fined $5 Million for Failing to Report 7.42 Million Options Positions
A U.S. regulator on Monday fined Bank of America Corp. $5 million for failing to report over-the-counter options positions approximately 7.42 million times, making it harder to monitor markets for possible manipulative behavior. The Financial Industry Regulatory Authority said BofA Securities’ failures occurred from 2009 to October 2020, and included 26 options positions that exceeded…
Bank of America Enlists Thousands of Employees for Wealth Lending Group
NEW YORK—Bank of America Corp. created a new group in its global wealth and investment management division to focus on lending to rich clients, the company told Reuters on Monday. Chief Executive Officer Brian Moynihan tapped April Schneider last month to lead the 3,500-person wealth management banking and lending group. She reports jointly to Andy…
Bank of America to Give Away Zero-Down-Payment Mortgages for Minority Homebuyers
September 2, 2022
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Bank of America (BoA) announced a new trial program that will offer first-time minority homebuyers mortgages that will not require down payments, closing cost mortgages, or minimum credit score checks, it said in a statement on Aug. 30. Minority activist groups have called these long-standing criterions obstacles to minority homeownership. The bank has yet to disclose…
Bank of America CEO Weighs in on Recession Debate
The CEO of Bank of America (BofA) has weighed in on the recession debate, saying that it does not matter if the Biden administration believes the U.S. economy is technically in a recession or not when current economic conditions are hurting the most vulnerable households. “Recession is a word. Whether we are in a recession…
Investors Slash Stock Allocation to Lowest Levels Since 2008 Financial Crisis, BofA Poll Finds
Investors have slashed their stock allocation to the lowest level since the collapse of Lehman Brothers during the financial crisis of 2008–09, a new poll found. According to Bank of America’s latest monthly survey of global fund managers, investors’ expectations of international growth and corporate profits cratered to levels not seen since the economic collapse…
Bank of America Profit Beats as Consumer Unit Offsets Deals Drying Up
Bank of America Corp beat analysts’ estimates for second-quarter profit on Monday, with healthy consumer spending and strong demand for loans limiting the hit from its investment banking business. Executives at the second-largest U.S. bank painted an overall positive outlook for consumer spending going forward, saying that despite decades-high inflation, spending continues to grow, albeit…
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