Bank of America announces expansion of racial justice initiatives
Bank of America is expanding its racial justice initiative, devoting more funding toward advocacy and equality for communities of color. The bank says the additional funds "will further support investments to address racial justice, advocacy and equality for people and communities of color, including those of Asian descent." The bank also says it will immediately direct $1 million "in support of increased advocacy, dialogue and engagement with the Asian American community." Bank of America added that it will match employee donations to these organizations in an effort to double donations through its matching gift program. Today's commitment builds upon Bank of America's many years of work in support of inclusion and racial equality."cnbc.com
Bank of America is giving $750 cash bonuses to lower-paid employees, restricted stock to others
Brian Moynihan, CEO of Bank of America, at the Goldman Sachs U.S. Financial Services Conference on December 4, 2018. Bank of America CEO Brian Moynihan is awarding nearly all of his 212,505 employees with a bonus for their work during the coronavirus pandemic. Employees who make between $100,000 and $500,000 annually will receive 150 to 750 restricted stock units, the bank said. Bank of America began giving employees $1,000 annual cash awards in 2017, a program it continued until the pandemic struck. News of the $750 cash bonuses was reported earlier by Bloomberg.cnbc.com
Bank of America posts quarterly profit that exceeds analysts’ expectations but revenue falls short
The bank said profit fell 28% to $5.47 billion, or 59 cents a share, compared with the 55 cent estimate of analysts surveyed by Refinitiv. Bank of America shares fell 1.6% in premarket trading Tuesday. Shares of Bank of America dropped 15% in 2020, compared with the 4.3% decline of the KBW Bank Index. Here are the numbers:Earnings: 59 cents a share, vs 55 cent estimate of analysts surveyed by Refinitiv. Revenue: $20.2 billion, vs $20.7 billion estimate.cnbc.com
COVID fears grow in Capitol as three lawmakers test positive
A second Democratic member of the House who was forced to go into lockdown during last weeks violent protest has tested positive for COVID-19. Rep. Pramila Jayapal of Washington says she has tested positive. Those who tested positive were among dozens of lawmakers who were whisked to a secure location when pro-Trump insurrectionists stormed the Capitol on Wednesday. It's not certain where and when lawmakers caught the illness, but the Capitol’s attending physician notified all House lawmakers of possible virus exposure and urged them to be tested. Rep. Bonnie Watson Coleman of New Jersey said Monday that she had tested positive for COVID-19.
Possible virus exposure for lawmakers sheltering during riot
(AP Photo/Patrick Semansky)WASHINGTON – House lawmakers may have been exposed to someone testing positive for COVID-19 while they sheltered at an undisclosed location during the Capitol siege by a violent mob loyal to President Donald Trump. The Capitol's attending physician notified all lawmakers Sunday of the virus exposure and urged them to be tested. No further details were provided on which person has tested positive for the virus. Some lawmakers and staff were furious after video surfaced of Republican lawmakers not wearing their masks in the room during lockdown. A woman from California was shot to death by Capitol Police and three other people died after medical emergencies during the chaos.
Consumers are spending more in 2020 than they did in 2019, says Bank of America CEO
Consumers are spending more via Bank of America accounts this year, in the midst of the coronavirus pandemic, than they did in 2019, according to CEO Brian Moynihan. "When you look at what they're spending year-to-date, they've spent more in 2020 than they did in 2019, and that is now across $2.7 trillion in money moved by our consumers," Moynihan told CNBC's Wilfred Frost in a Wednesday interview. "Way back in May, you could see it flattening out and starting to grow," Moynihan said of the spending data. While spending at restaurants is down 25% year over year, transactions tied to home improvement have made up for the drops elsewhere, he said. Despite the positive signs, Moynihan said that another round of stimulus is still needed to support the unemployed and small businesses.cnbc.com
Bank of America shares dip as the lender, pressured by low rates, misses on third-quarter revenue
Bank of America shares fell in Wednesday's premarket after the lender posted third-quarter results that missed on revenue. The bank said it generated $20.45 billion in total revenue, missing the $20.8 billion estimate of analysts surveyed by Refinitv. The firm's bond trading desks produced $2.1 billion in revenue, under the $2.28 billion estimate of analysts surveyed by Refinitiv. Revenue: $20.45 billion, vs the $20.8 billion estimate. Trading Revenue: Fixed Income of $2.1 billion, vs $2.28 billion estimate, Equities of $1.2 billion, vs $1.2 billion estimatecnbc.com
3 big Trump donors are among business leaders influencing coronavirus response
President Donald Trump looks on during the daily briefing on the novel coronavirus, which causes COVID-19, in the Brady Briefing Room of the White House on April 24, 2020, in Washington, DC. Three of the men Ellison, Schwarzman and Catsimatidis are big Trump donors. President Donald Trump has sought and received advice on tackling the coronavirus crisis in private conversations with several of his allies in the business world, according to people familiar with the matter. The person who described this response would not explain which banks or executives the White House referred to in its response. The New York Times reported Ellison discussed with Trump the idea of potentially using hydroxychloroquine, an anti-malaria drug, as a coronavirus treatment.cnbc.com
4/26: Gov. Larry Hogan, Barry Diller, Brian Moynihan, London Breed, Dr. Scott Gottlieb
Larry Hogan, Barry Diller, Brian Moynihan, London Breed, Dr. Scott Gottlieb Today on "Face the Nation," the struggle between saving the economy and saving American lives intensifies, and President Trump's wishful thinking is stopped short by reality.cbsnews.com
Bank of America CEO calls for Congress to 'fully fund' small business loan program: 'Just get the work done'
Bank of America CEO Brian Moynihan said Sunday that the small business loan program passed by Congress should be expanded so that it no longer runs on a first-come, first-served basis. Congress passed a second round of funding for the Payroll Protection Program last week, and businesses can apply for the $310 billion starting on Monday morning. The program offers loans to small businesses that can be transformed into grants if the businesses meet requirements for spending on payroll. So I actually hope we run out of money quickly so we can get that money into workers' pockets." Mnuchin said that further spending, whether to help small businesses or states faced with rising health care costs and plunging tax revenue, would need to be agreed upon on a bipartisan basis.cnbc.com
Bank of America posts 45% decline in first-quarter profit, braces for big loan losses
Bank of America said Wednesday that first-quarter profit slumped 45% as the company set aside $3.6 billion for loan-loss reserves because of the coronavirus pandemic. The bank posted profit of $4.01 billion, or 40 cents a share, compared with the 46 cent estimate of analysts surveyed by Refinitiv. The lender's giant consumer banking business saw profit decline 45% to $1.79 billion on higher loan loss reserves and lower interest income. Wealth management profit fell 17% to $866 million and global banking profit was nearly wiped out as the company built larger reserves for commercial loan losses. At JPMorgan, the hits were partly offset by record quarterly trading revenue.cnbc.com
Bank of America recording reveals a Wall Street torn between precaution and performance amid virus
Every single person in this office right now has a family. Every single person in this office right now has children. Every single person in this office right now has elderly parents. Bank of America not aloneBank of America isn't the only Wall Street firm facing such a balancing act. As the virus has continued to spread, Bank of America has continued to underscore its commitment to the safety of its workers.cnbc.com
Processing delays heighten anxiety for small businesses tapping $350 billion rescue program
Kevin Dietsch | Bloomberg | Getty ImagesBanks are scrambling to process a growing backlog of applications for the U.S. program designed to funnel at least $350 billion in relief to small businesses struggling during the coronavirus pandemic. For instance, the two biggest U.S. banks, JPMorgan Chase and Bank of America, had a combined 625,000 in requests for $80 billion in loans as of Tuesday. "We are beginning to process those through to the SBA," Moynihan said Tuesday during a White House briefing. It was designed to give small businesses a lifeline with government-backed loans that are forgiven if used for payroll or other approved expenses. The system, which handled $28 billion in loans all of last year, forces users to restart applications if they are off by a single letter.cnbc.com
'No layoffs' Bank of America CEO doesn't want workers worrying about jobs during coronavirus crisis
Bank of America CEO Brian Moynihan said his bank's 200,000-plus employees won't have to worry about layoffs this year, joining banks including Morgan Stanley and Citigroup in making similar pledges. "We don't want our teammates to worry about their jobs during a time like this," Moynihan told CNBC's Jim Cramer on Friday. Morgan Stanley CEO James Gorman sent a note to staff Thursday to assuage layoff worries. Citigroup, which has more than 200,000 workers, will at least temporarily refrain from layoffs as CEO Mike Corbat doesn't want to impose hardship on his staff, according to a person with knowledge of the matter. JPMorgan Chase, Bank of America and Citigroup have announced such cash bonus plans.cnbc.com
Bank of America CEO says struggling customers can defer loan payments online with 'two-clicks'
Bank of America CEO Brian Moynihan said that retail customers who are struggling because of the coronavirus pandemic can defer loan payments online with a simple two-click process. "What we've told people is we'll defer payments," Moynihan told CNBC's Jim Cramer on Friday. "If you have a cash flow interruption because of your employment and you need to defer your payments for 30, 60, 90 days, call us up." Last week, Bank of America said it would allow retail customers to defer payments on credit cards, auto loans and mortgages and would pause foreclosure sales, evictions and repossessions. Moynihan added Friday that the bank was waiting to get direction from the federal government on exactly how to defer mortgage payments.cnbc.com
Bank of America says customers impacted by coronavirus may be able to defer mortgage payments
Bank of America said some customers can request to defer payments on financial products such as mortgage loans and credit cards as part of the bank's assistance program for consumers and small business impacted by the coronavirus. America's financial sector is in much better shape than during the last major crisis, which originated with banks' risky mortgage lending. A group of the banks including Bank of America declared this week that they would be suspending stock buybacks through at least June to show they were committed to providing the "maximum" financial support to clients during the pandemic. Bank of America, which has 66 million customers, is directing people toward its client resources website for help. Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.cnbc.com
3/15: Anthony Fauci, Scott Gottlieb, Larry Kudlow, Brian Moynihan
3/15: Anthony Fauci, Scott Gottlieb, Larry Kudlow, Brian Moynihan Today on "Face the Nation," as the president declares a national state of emergency over the coronavirus, a special look at the two areas Americans are most concerned about — the health and economic risks posed by the disease.cbsnews.com
JPMorgan, Bank of America, Citigroup and other major banks suspend stock buybacks due to pandemic
(L-R) Michael Corbat, chief executive officer of Citigroup Inc., Jamie Dimon, chief executive officer of JPMorgan Chase & Co., James Gorman, chief executive officer of Morgan Stanley, Brian Moynihan, chief executive officer of Bank of America Corp., Ron O'Hanley, president and chief executive officer of State Street Corp., Charles Scharf, chief executive officer of Bank of New York Mellon Corp., and David Solomon, chief executive officer of Goldman Sachs & Co., are sworn in before a House Financial Services Committee hearing on April 10, 2019 in Washington, DC. The group which includes JPMorgan Chase, Bank of America, Citigroup, Morgan Stanley, Wells Fargo, Goldman Sachs and two other banks said in a statement that the pandemic was an "unprecedented challenge." Buybacks are one way for companies to return capital to their shareholders and can help boost the price of stocks. Fed Chairman Jerome Powell said in a press conference on Sunday that the Fed has given "broad, general guidance" to the major banks. The two other member banks of the forum are State Street and Bank of New York Mellon.cnbc.com
Bank of America CEO Moynihan says 'we're in a war to contain this virus'
US President Donald Trump gestures as CEO of Bank of America Brian Moynihan (L) speaks during a meeting with banking leaders to discuss how the financial services industry can meet the needs of customers affected by COVID-19 at the White House in Washington, DC on March 11, 2020. Bank of America CEO Brian Moynihan said Sunday the coronavirus has united the world in its battle against the fast spreading pandemic. "We're in a war to contain this virus," Moynihan said on CBS. Moynihan noted that Bank of America, along with other banks, is helping out consumers impacted by the virus outbreak with payment deferrals on credit cards and mortgages. His comments came as the coronavirus has infected more than 156,000 people worldwide and has killed more than 5,800 people.cnbc.com
Bank of America CEO says clients want to invest in companies 'doing right by society'
"We have $25 billion in ESG funds, and more is going there," Moynihan said on " from the World Economic Forum in Davos, Switzerland. "All investors are saying, 'I want you to invest in companies doing right by society.'" Bank of America has committed $300 billion to sustainable investments over the next decade. Since 2007, when the company issued its first Environmental Business Initiative, Bank of America has deployed more than $126 billion to environmental business efforts. "There is a huge opportunity, whether it is green bonds or different types of financing for solar installations or wind installations," the Bank of America CEO said of the bank's opportunities to deploy the capital.cnbc.com
Bank of America rakes in record profit
Justin Sullivan/Getty Images(CNN) - Bank of America hauled in its fattest profit ever during the second quarter thanks to sturdy spending from households that offset trouble in markets. Bank of America said on Wednesday that its profit jumped 8% during the second quarter to $7.3 billion, marking a record for the lender. For the first six months of 2019, Bank of America hauled in $14.7 billion, also setting a record for the first-half of a year. Global markets profit fell 7% at Bank of America, driven by a 6% decline in sales and trading revenue. Unlike Goldman Sachs, which reported an increase in stock trading revenue, Bank of America suffered a 13% tumble in that area.