The banking industry will continue its fight against the credit-loss rule; the bank posted gains in consumer, wealth management and commercial lending.
They’ve long used their marketing muscle to wrest deposit share from smaller competitors. Now, amid growing concerns that the economy is weakening, they could be benefiting from consumers’ flight to safety.
Warren Buffett's Berkshire Hathaway is seeking permission from the Federal Reserve to potentially increase its stake in Bank of America to more than 10%, a level that often triggers a regulatory review.
BofA’s do-no-harm approach to AI; looking at what comes next for Fannie and Freddie now that they get to keep their earnings; ruling cuts short debt collectors’ victory lap over CFPB proposal; and more from this week’s most-read stories.
A thorough process for approving experiments with artificial intelligence, clear philosophical principles and diverse human involvement are some of the ways BofA says it's working to ensure AI does no harm.
Incoming CEO Charles Scharf will remain in New York even though the bank's headquarters is in San Francisco. His hiring underscores the diminished importance of geographical proximity for executives at large banks.
