The agreement with U.S. and U.K. regulators is on top of the $667 million it paid to U.S. authorities in 2012 for its handling of transactions that violated economic sanctions against Iran.
PR campaigns won’t be enough to salvage the bank’s reputation after a series of scandals. Instead, it should look into adopting a new name, among other crucial steps.
The business, which has $827 billion in assets under administration, includes operations in the U.S., the Philippines and India, according to the buyer, Principal Financial Group.
Bank of America plans to raise its minimum wage to $20 an hour over two years. The baseline will rise to $17 on May 1 and then climb to $20 in 2021, the Charlotte lender said Tuesday in a statement.
The bank agreed to modify loans to struggling U.S. borrowers as part of a 2017 settlement. Instead, it’s receiving credit for financing new mortgages that likely would have been made anyway.
B. Riley FBR initiated equity coverage of the mortgage giant, citing housing finance reform proposals that could result in Fannie and Freddie Mac being released from conservatorship.
The San Francisco fintech, which uses artificial intelligence to make consumer credit decisions, has raised an additional $50 million. It also announced new partnerships with lenders and plans for a credit card.
