Retail banking loans rose 5% at Bank of America, which also reported a 3% increase in consumer deposits and a 12% leap in net interest income in consumer banking.
There had been a cascade in recent days of downgrades and other negative forecasts in connection with big banks, but some analysts on Wednesday picked up the industry's argument that fundamentals are stronger than the markets are giving banks credit for.
Two trends — competition from challenger banks and the emergence of real-time payments — threaten to eat away at the fees banks collect on overdrafts and bounced checks.
A Colorado businessman's request for a preliminary injunction to stop the bank from using the name “Erica” has been denied. The overall case could still go to trial, but skeptical comments by the judge suggest BofA will likely prevail.
Treasury Secretary Steven Mnuchin called top executives from the six largest U.S. banks over the weekend, he said Sunday on Twitter, a move that followed heavy losses in the stock market last week and a partial federal government shutdown.
Bank of America is loosening the reins on its investment bankers, sending out dealmakers in search of more middle-sized transactions in the U.S. and seeking to regain market share after cutting back on risk.
Atlantic Equities’ John Heagerty cut his recommendation on JPMorgan Chase to neutral, saying the bank now “offers the least upside” to price targets among the major banks.
Augmented devices and automation will push banking services beyond the current mobile phone delivery model into a virtual world — but how, exactly? Bank of America, Wells Fargo and others are trying to find out.
Men on Wall Street are taking a cue from Vice President Mike Pence by refusing to dine one-on-one with women; Coinbase is offering fertility benefits; and Bank of America executive Katy Knox gets a promotion.
