Bank of America

PPP loan forgiveness, BofA’s cost cutting, Amex’s cloud commitment: Top stories of the week

05/29/20

The SBA issues guidance on Paycheck Protection Program loan forgiveness; after staffing up for PPP, Bank of America may need to delay investments to meet cost targets; American Express has leaned hard on cloud tech to help employees work at home during the pandemic.

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BofA looks to rein in costs after staffing up for PPP

05/27/20

Expenses soared in the rush to deploy emergency loans to small businesses, and now Bank of America may need to delay some investments if it hopes to meet cost targets, CEO Brian Moynihan said

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Virtual therapy, yoga, pet parties: Banks' answers to worker stress

05/24/20

Demand has soared for mental health services as bank employees put in long hours, supervise kids while working at home and endure personal crises. Citi, BofA, Fifth Third and others are getting creative to help them decompress during the pandemic.

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Bank of America's $1B virus bond breaks new ground for U.S. banks

05/14/20

Bank of America is set to price today a $1 billion bond issue to fund COVID-19 relief efforts. It's the first sale from a U.S. financial institution that explicitly links all proceeds to tackling the virus, Bloomberg data show.

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BofA submits $28B in loan requests for coronavirus relief

04/30/20

In round two of the Paycheck Protection Program, the bank has sent some 256,000 loan applications to the Small Business Administration for processing.

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JPMorgan Chase sent 225,000 small-business applications this week

04/30/20

Submissions total about $17.8 billion in requested funding for the second round of the Paycheck Protection Program, with an average loan size of $81,000.

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Wells Fargo, JPMorgan among banks sued over aid to small businesses

04/20/20

Bank of America and U.S. Bancorp were also named in a lawsuit filed in Sunday in which the banks are accused of prioritizing large loans distributed through the Paycheck Protection Program in order to maximize fees.

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BofA lending to states that don't want to wait on Fed

04/16/20

Some states aren't waiting on the Federal Reserve to help with the historic hits to their budgets. Instead, they're working with a lender that they have a much longer history with: Bank of America.

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Consumer credit at big banks is holding up — so far

04/15/20

Quick forbearance actions averted an immediate hit to asset quality, but executives warned that a spike in unemployment and a looming recession will cause long-term problems.

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Credit-line drawdowns have peaked. Will banks get repaid?

04/15/20

The biggest lenders seem to have handled the corporate rush for cash heading into the economic shutdown caused by the coronavirus pandemic. But their ability to collect is as uncertain as the economic outlook for the next year.

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