SYDNEY—Bank of America Chief Executive Officer Brian Moynihan said on Tuesday the U.S. economy would reach a technical recession starting in the third quarter. Moynihan told The Financial Review’s Business Summit in Sydney a U.S. recession would not be deep and the bank forecast interest rates would start falling in the second quarter of 2024….
Bank of America Profit Tops Estimates as Higher Rates Boost Income
Bank of America Corp. reported a bigger-than-expected fourth-quarter profit on Friday, helped by a surge in net interest income as the U.S. Federal Reserve raised rates through most of last year. The ‘higher-for-longer’ rate environment to battle decades-high inflation has underpinned profits at consumer banks, with analysts expecting those gains to peak in 2023 and…
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…
Bank of America Beats Profit Estimates as Interest Rates Climb
October 18, 2022
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Bank of America Corp. on Monday reported a smaller-than-expected 9 percent drop in quarterly profit, as its interest income was bolstered by rising interest rates that offset a slump in investment banking. The U.S. Federal Reserve’s aggressive move to tighten monetary policy this year to tame inflation has boosted the amount that banks can earn…
Bank of America’s Clients Use Virtual Assistant Over 1 Billion Times
Bank of America (BofA) on Wednesday said 32 million customers had used its virtual assistant, which allows them to check bill payments, account balances, and track spending on the mobile banking app, more than 1 billion times since its launch in 2018. Wall Street banks have lately been focused on expanding into the digital banking…
JPMorgan, BofA Cautious on Job Cuts as Goldman Layoffs Loom
NEW YORK—JPMorgan Chase and Bank of America, the two largest U.S. banks by assets, expressed caution about job cuts in contrast with Goldman Sachs, where hundreds of layoffs could start as early this month. “You need to [be] very careful when you have a bit of a downturn to start cutting bankers here and there…
Fed May Pause Policy Tightening in September, BofA Says
NEW YORK—The Federal Reserve could pause its monetary policy tightening in September if there is an economic deterioration and inflation subsides, Bank of America (BofA) strategists said on Thursday, a day after the U.S. central bank released the minutes from its May policy meeting. All of the Fed’s policymakers agreed to hike interest rates by…
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…
US Consumers, Low-Income Households Included, Still Spending, BofA Research Says
U.S. consumer credit and debit card spending so far in 2022 is up 15 percent on a year earlier, Bank of America research showed on Wednesday, a sign that Americans’ gloom about the economy owing to high inflation has yet to translate into lower demand. In fact, lower-income households—often described as the most vulnerable to…
A ‘Recession Shock’ Is Coming, BofA Warns
LONDON—The macro-economic picture is deteriorating fast and could push the U.S. economy into recession as the Federal Reserve tightens its monetary policy to tame surging inflation, BofA strategists warned in a weekly research note. “‘Inflation shock’ worsening, ‘rates shock’ just beginning, ‘recession shock’ coming”, BofA chief investment strategist Michael Hartnett wrote in a note to…
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