News Topic: Bank of America

Racial and gender representation increased in most areas of the company, including among senior management, according to data the bank released Friday. Still, the percentage of women in the top three tiers of the firm remained unchanged from a year earlier ... Read full article

Spending is up and deferrals are down sharply, signaling that the economy has turned a corner, CEO Brian Moynihan said. The outlook stood in stark contrast to JPMorgan Chase, which set aside more funds to address potential exposure in consumer banking. ... Read full article

Third-quarter net income dropped nearly 16% from a year earlier as revenues at the company's consumer unit declined at about the same pace and trading revenue gains were below estimates. ... Read full article

Credit Suisse Group is set to hire Christian Meissner, Bank of America’s former investment bank head, as it seeks to link up its richest customers with deals sourced by its securities unit. ... Read full article

Jane Fraser, who in February will become the first female CEO of a Wall Street bank, said during a Women in Banking event hosted by American Banker that she will be “the first of many, many more” to come. ... Read full article

Bank of America plans to offer some of its customers access to short-term loans, the latest blow to the payday lending industry. ... Read full article

HSBC, Bank of the West and Fannie Mae are among those offering green mortgage bonds, financing commercial clients’ efforts to rein in carbon emissions and developing other novel products that help customers tackle environmental challenges. ... Read full article

New rules on shareholder submissions of proxy proposals could help banks fend off demands to disclose more pay data, cut financing to fossil fuels companies and adopt other reforms. ... Read full article

Smith, BofA's chief administrative officer, is leading the bank's push to tackle economic mobility challenges in its 91 markets. ... Read full article

The initiative, backed by Vice Chairman Anne Finucane and Chief Operating Officer Tom Montag, is Bank of America’s eighth environmental, social and governance-themed bond. ... Read full article

An international coalition led by Bank of America chief Brian Moynihan has proposed a framework for assessing how well big corporations are meeting the environmental, social and governance expectations of investors who value stakeholder capitalism. ... Read full article

Bank of America Chief Executive Brian Moynihan called for another round of federal stimulus to help the U.S. reach a full economic recovery from the coronavirus pandemic. ... Read full article

The two biggest U.S. banks trimmed expectations for net interest income as low rates and tepid loan growth weigh on revenue. ... Read full article

BofA, which has applied for or been granted thousands of patents, has been working recently on technologies that analyze spending patterns to give budgeting advice and use augmented reality to provide estate-planning services. ... Read full article

Bank of America announced how it plans to spend a third of its $1 billion commitment to address racial and economic inequities and the effects of the coronavirus pandemic in communities of color. ... Read full article

How Bank of America plans to stay ahead of the pack in digital banking; Wells Fargo gets top marks for COVID-19 safety; PPP lenders nearing $10B asset mark fear regulatory ordeal; and more from this week’s most-read stories. ... Read full article

The move is part of the effort by banks and other companies to promote racial equity and be more sensitive to the stresses on front-line employees. It also coincides with rising concerns about the postal system’s ability to handle the rush of absentee ... Read full article

The bank is making continuous improvements, including integrating Merrill Lynch accounts into its banking app and adding a security feature to Zelle. ... Read full article