Supreme Court will hear challenge to card company’s anti-steering rules; Anthony Alexis has been in the role for most of the agency’s six years of existence.
The Tennessee company reported 6% growth in loans, which included strong C&I and CRE grains. However, revenue shrank thanks partly to a steep falloff in fixed-income fees.
Bank of America set aside $100 million in its reserves for representation and warranty claims ahead of a pending settlement to resolve legacy mortgage issues.
Third-quarter results from PNC, Bank of America, First Horizon and others suggest that demand for commercial loans may not be as weak as bankers and investors had feared. Or maybe some banks are just getting really good at poaching rivals’ customers.
Wells Fargo took a surprise $1 billion charge in the quarter for previously disclosed pre-crisis, mortgage-related regulatory investigations. It contributed to a 19% fall in profits.
The ratings agency said its systems were not compromised, but it is taking precautions on reports of an attempted hack; new MIT-backed comapny to rate financial firms on vulnerability to financial crime.
Total revenue rose less than 1% to $21.8 billion, but expenses declined 2.5% to $13.1 billion. That computed to the highest profit at Bank of America in six years.
