Bank of America

BofA divided as bankers cry foul over special bonus treatment

02/08/21

Anger is building in the senior ranks at Bank of America after the company waived an unpopular new bonus policy for top traders and dealmakers while keeping the plan in place for other employees.

[more]

Bank of America adds $10 billion to affordable housing plan

02/03/21

Bank of America pledged to add $10 billion to an affordable homeownership program through 2025, tripling its initial commitment.

[more]

BofA’s goal for digital banking: No customer left behind

02/01/21

About 70% of Bank of America's customers are now “digitally active” and 17 million people use Erica, its virtual assistant. David Tyrie, who was recently promoted to head of digital, would like to get that rate up to 100%.

[more]

Bank of America banker revolt spurs retreat on bonus plan for veteran staff

01/27/21

Bank of America scrapped a proposed bonus policy this week after it provoked the ire of high-earning traders and dealmakers, some of whom could have missed out on a big chunk of their compensation.

[more]

BofA, Chase, Wells Fargo pilot service to rein in screen scraping

01/26/21

The three banks have joined others in a program endorsed by The Clearing House that aims to make data-sharing agreements with aggregators like Plaid and Finicity work more effectively.

[more]

BofA CEO says consumer spending bounce signals pent-up demand

01/26/21

“The economy keeps moving forward and we feel very constructive about the consumer activity,” Brian Moynihan said.

[more]

BofA to pay bonuses to staff that worked through pandemic

01/22/21

Bank of America will give $750 to eligible staff who earn $100,000 or less annually, while higher-paid employees will receive a stock award, according to a memo to staff from CEO Brian Moynihan.

[more]

BofA's Wall Street unit falls short of rivals during bumper year

01/19/21

Revenue from sales and trading rose 7% to $3.06 billion in the fourth quarter, missing analysts' $3.15 billion forecast. The division, helmed by Jim DeMare, was hurt by unexpected weakness in fixed-income trading.

[more]

BofA halts political action committee spending decisions for now

01/12/21

Bank of America’s employee-funded political action committee is putting its allocation decisions on hold after a right-wing mob stormed the U.S. Capitol last week.

[more]

Cathy Bessant is itching to bring BofA's tech workers back to office

01/07/21

Bank of America's chief operations and technology officer says even digital experts benefit from in-person collaboration. She wants her 95,000-person staff to return once it's safe.

[more]