2020-08-10@04:53:29 GMT
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Bank of America:

    By Natalia A. Ramos Miranda and Cassandra Garrison SANTIAGO (Reuters) - Chile on Thursday said it favors postponing the election of a new Inter-American Development Bank (IDB) president to avoid "tensions" following the selection of the first-ever U.S. candidate. The current favorite to win is U.S. President Donald Trump's pick and adviser, Mauricio Claver-Carone, known for his tough stance on Venezuela and Cuba. Claver-Carone would be the first person from outside Latin America to lead the Washington-based IDB, a smaller cousin of the IMF that has been led by Latin Americans since its founding in 1959. Foreign Minister Andrés Allamand, speaking before lawmakers, said Chile, currently led by center-right President Sebastian Pinera, considers "there is a tradition to preserve" with...
    OMAHA, Neb. (AP) — Warren Buffett’s company has bought $2.1 billion of Bank of America stock over the past three weeks after the latest purchases of $340 million of shares. Berkshire Hathaway Inc. said Tuesday it bought 13.6 million Bank of America shares between Friday and Tuesday. The Omaha, Nebraska-based conglomerate has been steadily adding to its stake in the bank since July 20, and Berkshire now holds more than 1 billion shares of Bank of America stock, which represents 11.9% of the bank’s stock. Before these latest purchases, Berkshire reported buying 71.5 million shares of Bank of America stock worth nearly $1.8 billion. Investors follow what Berkshire buys and sells closely because of Buffett’s successful track record. Even before...
    Bank of America Corp. (NYSE: BAC) is taking a closer look at how its financing affects climate change. The bank said on Wednesday it has joined the Partnership for Carbon Accounting Financials initiative, which is developing a way to measure how the companies that banks finance contribute to greenhouse gas emissions. Citigroup Inc. (NYSE: C) also announced its participation on Wednesday. The PCAF initiative seeks to create a global standard to assess, measure and then disclose this emissions data to shareholders and the public. “As a global financial institution, and as an industry, we have a critical role to play in accelerating the transition to a low-carbon, more sustainable economy,” Anne Finucane, BofA vice chairman, said in...
    Warren Buffett, chairman and CEO of Berkshire HathawayDavid A. Grogan | CNBC Warren Buffett's Berkshire Hathaway this week again added to his already-enormous stake in Bank of America at a time when the coronavirus pandemic dampens the economic outlook and interest rates hold near record lows. A Securities and Exchange Commission filing showed Buffett's conglomerate bought 21.2 million shares of the banking giant between Tuesday and Thursday. That increased Berkshire's stake in Bank of America by $522 million and sets its total position in the bank at 11.8%. The average purchase price was $24.65 per share. Berkshire has been buying small amounts of Bank of America stock every day since July 20. Last week, a similar filing revealed the Berkshire bought...
    OMAHA, Neb. (AP) — Warren Buffett's company has purchased another $400 million of Bank of America stock less than a week after buying roughly $800 million of the bank's stock. Berkshire Hathaway Inc. said Monday it held 998 million Bank of America shares after the latest purchases, which represents roughly 11.5% of the bank's stock. Berkshire bought 16.4 million shares of Bank of America stock between Thursday and Monday. Last week, Berkshire reported buying 33.9 million shares of Bank of America stock worth about $818 million. Even before this month's purchases, Bank of America Corp. was already the second-largest investment in Berkshire's portfolio behind only its Apple stake. Investors follow what Berkshire buys and sells closely because of Buffett’s successful...
    OMAHA, Neb. (AP) — Warren Buffett’s company has purchased another $400 million of Bank of America stock less than a week after buying roughly $800 million of the bank’s stock. Berkshire Hathaway Inc. said Monday it held 998 million Bank of America shares after the latest purchases, which represents roughly 11.5% of the bank’s stock. Berkshire bought 16.4 million shares of Bank of America stock between Thursday and Monday. Last week, Berkshire reported buying 33.9 million shares of Bank of America stock worth about $818 million. Even before this month’s purchases, Bank of America Corp. was already the second-largest investment in Berkshire’s portfolio behind only its Apple stake. Investors follow what Berkshire buys and sells closely because of Buffett’s successful...
    Before he started his summer internship, Henry Weng already had some experience using technology to address income disparity in Silicon Valley. Henry, an incoming senior at Saratoga High School, is one of five Silicon Valley Bank of America Student Leaders working with LifeMoves, a nonprofit that provides interim housing and supportive services for Bay Area homeless. He and his fellow interns are building a database to house LifeMoves’ internal information to make it easier for the nonprofit to connect clients with resources. Henry says access to online tools and knowledge of how to use them is essential to decreasing income disparity in Silicon Valley. “Personally, I’ve used my own experience with teaching and programming to partner with organizations like the...
    While Gursimar Rana’s summer internship has helped him become more proficient in technology, it has also helped the teen deepen his faith. Gursimar, an incoming senior at University Preparatory Academy in Willow Glen, is one of five Silicon Valley Bank of America Student Leaders working with LifeMoves, a nonprofit that provides interim housing and supportive services for Bay Area homeless. He and his fellow interns are building a database to house LifeMoves’ internal information to make it easier for the nonprofit to connect clients with resources. The teen says his internship overlaps with community service work he’s done through the Sunday school at Guru Nanak Khalsa, a Sikh temple in San Jose. “The word Khalsa is a concept—the concept that...
    Westmont High School senior Ella Ngheim has seen for herself the correlation between homelessness and mental health issues, and she’s using her summer internship to help break the cycle. Ella is one of five Silicon Valley Bank of America Student Leaders working with LifeMoves, a nonprofit that provides interim housing and supportive services for Bay Area homeless. She and her fellow interns are building a database to house LifeMoves’ internal information to make it easier for the nonprofit to connect clients with resources. “Through the experiences of classmates that have dealt with much of the challenges stemming from unstable housing, I have gained an understanding of the profound impacts of homelessness, including the prevalence of self-doubt and depressive thoughts,” says...
    Warren BuffettGerry Miller | CNBC Warren Buffett this week added to his already massive stake in Bank of America at a time when the coronavirus pandemic still clouds the U.S. and global economic outlook. A Securities and Exchange Commission filing showed Buffett's conglomerate, Berkshire Hathaway, bought 33.9 million shares of the banking giant between Monday and Wednesday. That increased Berkshire's stake in Bank of America by $813.3 million to more than $24 billion. Bank of America shares rose nearly 1%, bucking the broader market's negative trend Thursday and outperforming other major banks such as JPMorgan Chase, Citigroup and Wells Fargo. Berkshire also has stakes in JPMorgan and Wells Fargo. In May, Buffett struck an optimistic tone at Berkshire's annual shareholder's...
    U.S. Democratic presidential candidate and former Vice President Joe Biden speaks during a campaign event about the U.S. economy at Delaware State University in Dover, Delaware, June 5, 2020.Jim Bourg | Reuters A Democratic sweep in the 2020 elections could lead to a stock-market rally if Wall Street sees a unified government as helpful for fighting Covid-19 and easing U.S.-China trade tensions, Bank of America told clients on Monday. Such a market rally following a sweep would be surprising since Wall Street typically performs best when Congress is gridlocked. But this is no ordinary election, and sn empowered Democratic White House and Congress could be an unusual boon for the market in 2020 if investors think a unified government may...
    Milpitas High School graduate Tran Le could have rested on her laurels for the summer before starting at Stanford University this fall. Tran, the daughter of Vietnamese immigrants, had already achieved a milestone as her family’s first-generation college student. Instead, she rolled up her sleeves and went to work for LiveMoves as one of five Silicon Valley Bank of America Student Leaders. LifeMoves is a San Jose-based nonprofit that provides interim housing and supportive services for Bay Area homeless, an issue Tran hopes to address in her own community. “LifeMoves is currently breaking the cycle of homelessness in the Bay Area,” she says. “My team and I are creating a resource database to increase efficiency for the organization to serve...
    Protests in Michigan after student jailed for not doing online schoolwork The Secret McDonald’s Trick That Will Blow Your Mind Bank of America CD rates Bank of America offers a range of certificates of deposit that could help you grow your savings with a well-known brand. While the minimum deposit to open a standard CD at B of A is low, there is a trade-off: The yields offered on Bank of America’s CDs are relatively low compared to other banks' offerings. © WAYHOME studio/Shutterstock A woman researches online. Bank of America earned 2.4 out of 5 stars in Bankrate’s review across its deposit products. Its CDs earned a 2.6 rating. Load Error Bank of America CD ratesB of...
    Bank of America's second quarter profits were sawed in half and the consumer banking giant set aside billions of dollars to cover potentially bad loans caused by the coronavirus pandemic. Earnings from the nation's biggest banks are painting a picture of American families and businesses struggling to pay bills with swaths of the nation's economy shut down. While consumers have been able to withstand the brunt of the downturn due to the government's economic stimulus efforts, banks are now bracing for a long, protracted recession that could last well into 2022. Altogether, the five big Wall Street banks that have reported quarterly results set side more than $30 billion in the second quarter to cover loans they may not recover....
    By KEN SWEET, AP Business Writer NEW YORK (AP) — Bank of America's second quarter profits were sawed in half and the consumer banking giant set aside billions of dollars to cover potentially bad loans caused by the coronavirus pandemic. Earnings from the nation's biggest banks are painting a picture of American families and businesses struggling to pay bills with swaths of the nation's economy shut down. While consumers have been able to withstand the brunt of the downturn due to the government's economic stimulus efforts, banks are now bracing for a long, protracted recession that could last well into 2022. Combined, the five big Wall Street banks that have reported quarterly results set side more than $30 billion in...
    Athletes, coaches and broadcasters are Changing the Game, and thats good for all women These Teens Support Black Lives Matter — But Their Parents Don’t Stock market live updates: Dow futures down 150, Bank of America falls 3%, jobless claims ahead Morgan Stanley, Bank of America beat Street estimates Morgan Stanley continued the strong performance of banks with large trading arms this earnings season, generating $3 billion more in second-quarter revenue than analysts anticipated. Earnings came in at $1.96 per share, while analysts were looking for $1.12 per share, according to Refinitiv. The bank's stock price moved slightly higher in premarket trading.  Load Error Bank of America also beat expectations on the top and bottom lines with strong trading results,...
    VIDEO0:4900:49US stocks set to slide at openMorning Report Take a look at some of the biggest movers in the premarket: Morgan Stanley (MS) – The investment firm earned $1.96 per share for the second quarter, well above the $1.12 a share consensus estimate. Revenue also beat forecasts. Morgan Stanley saw net revenue and net income rise to record levels, helped by strong trading results. Bank of America (BAC) – The bank reported quarterly earnings of 37 cents per share, beating consensus estimates by 10 cents a share. Revenue also came in above forecasts. Bank of America added $4 billion to its loan loss reserves, bringing the total to $5.1 billion, joining other banks in preparing for a jump in credit...
    US coronavirus: Arizona and Texas counties hit hard by coronavirus bring in refrigerated trucks as morgues fill up The recipe tweak that ruined McDonalds fries Bank of America profit more than halves on pandemic woes © Reuters/LUCAS JACKSON A Bank of America sign stands on the side of a building in New York (Reuters) - Bank of America Corp reported a drop of more than 50% in second-quarter profit on Thursday, even as it set aside only about half as much in reserves as some of its peers against a potential wave of defaults due to the coronavirus crisis. Net income applicable to common shareholders fell to $3.28 billion, or 37 cents per share, for the quarter ended June...
    Brian Moynihan, Bank of America, speaking at the WEF at Davos, January 21, 2020CNBC Bank of America is scheduled to report second-quarter earnings before the opening bell on Thursday. Here's what Wall Street expects: Earnings: 27 cents a share, a 64% drop from a year earlier, according to Refinitiv. Revenue: $22 billion, a 5.3% drop from a year earlier. Net interest margin: 2.04%, according to FactSet. Trading revenue: Fixed income $2.63 billion; equities $1.27 billion.Bank of America has a tough act to follow.   The second-biggest U.S. bank by assets has a huge retail bank coupled with a global investment bank, much like the larger JPMorgan Chase. All eyes will be on CEO Brian Moynihan's bank after JPMorgan managed to...
    Bank of America’s (NYSE: BAC) $1 billion, four-year commitment to underserved communities around the country will touch on nearly every aspect of the dual crises facing the nation — the continued spread of Covid-19 and a new reckoning with systemic racism.  In Greater Washington, that also means a focus on workforce development, small business loans, affordable housing and partnerships, said the bank’s local market leader, as communities of color see disproportionate health impacts in their own communities and similarly detrimental impacts of a flatlining economy. “What we have seen is a disproportionate impact on communities of color, people of color. Then you add to that the civil unrest of the racial inequality and the killing and the George Floyd. It...
    CHICAGO (WLS) -- The 2020 Bank of America Chicago Marathon has been canceled due to the ongoing coronavirus pandemic, event organizers announced Monday.Runners registered for the October 11 race will have the option to receive a refund for their race entry or defer their place and entry fee to a future marathon in 2021, 2022, or 2023, organizers said in a press release."The Chicago Marathon is our city's beloved annual celebration of more than 45,000 runners, as well as tens of thousands of volunteers, spectators and city residents, all of whom come together race weekend as one community here in our city," said Mayor Lori Lightfoot. "Like all Chicagoans, I'm personally disappointed that this year's event won't take place as...
    CHICAGO (WLS) -- The 2020 Bank of America Chicago Marathon has been canceled due to COVID-19, event organizers announced Monday.Runners registered for the October 11 race will have the option to receive a refund for their race entry or defer their place and entry fee to a future marathon in 2021, 2022, or 2023, organizers said in a press release."The Chicago Marathon is our city's beloved annual celebration of more than 45,000 runners, as well as tens of thousands of volunteers, spectators and city residents, all of whom come together race weekend as one community here in our city," said Mayor Lori Lightfoot. "Like all Chicagoans, I'm personally disappointed that this year's event won't take place as originally planned, however,...
    CHICAGO (WLS) -- The 2020 Bank of America Chicago Marathon has been canceled due to COVID-19, event organizers announced Monday.Runners registered for the October 11 race will have the option to receive a refund for their race entry or defer their place and entry fee to a future marathon in 2021, 2022, or 2023, organizers said in a press release."The Chicago Marathon is our city's beloved annual celebration of more than 45,000 runners, as well as tens of thousands of volunteers, spectators and city residents, all of whom come together race weekend as one community here in our city," said Mayor Lori Lightfoot. "Like all Chicagoans, I'm personally disappointed that this year's event won't take place as originally planned, however,...
    ProPublica is a Pulitzer Prize-winning investigative newsroom. Sign up for The Big Story newsletter to receive stories like this one in your inbox. In the spring of 2018, bank regulators trained to spot discriminatory lending detected something alarming at Bank of America. The bank was offering fewer loans to minority homebuyers in Philadelphia than to white people in a way that troubled examiners from the Office of the Comptroller of the Currency, according to two people directly involved in the probe and internal documents reviewed by ProPublica and The Capitol Forum. The officials suspected the second-largest bank in the United States was “redlining,” or deliberately turning its back on minority homebuyers, the people said. But after complaints from Bank of...
    Your options for just about everything are reduced because of the COVID-19 pandemic, and that includes banking.Customers are finding doors locked at a number of Bank of America branches in Anaheim and Garden Grove."Nothing on a door except the, 'temporary closed' so don't know if that's because of the virus or," said Steve Simon in Anaheim.It's not just closed to in-person banking."I just come into the ATM to take money, but I can't right now," said Eswinomar Pineda Hernandez in Anaheim.The ATM's are also not working at this branch."Do they tell us anything? No, they don't," said Sandra Hinojosa in Anaheim.Some customers tell Eyewitness News their bank branch has been closed for the past week. Another Anaheim branch that was...
    Ten weeks: A timeline of the search for Vanessa Guillen NYC restaurant customers bothered by rats while dining outside: report Bank of America sees Mexican inflation rising to 4% this year MEXICO CITY (Reuters) - Bank of America revised its inflation forecast for Mexico this year to 4%, from 3.7% previously, the bank said in a research note, adding that the current climate makes further interest rate cuts by the central bank more difficult. © Reuters/CARLO ALLEGRI A Bank of America logo is pictured in the Manhattan borough of New York City Latin America's second-largest economy had posted a higher-than-expected inflation rate for June and the Mexican central bank, known as Banxico, did not rule out further rate...
    Bill de Blasio paints Black Lives Matter street mural outside Trump Tower Stadia adds Celeste and El Hijo to its lineup Big restaurant chains are recovering faster than the rest of the industry, Bank of America says Small chain restaurants and independent eateries are taking longer than large chains to recover from the coronavirus pandemic. A Bank of American study found that spending at small chains and independent restaurants lagged large chains by about 20%. Trade groups have issued dire warnings about the future of independent restaurants. © Provided by CNBC Big restaurant chains have largely recovered from the coronavirus pandemic, but the rest of the industry is taking longer to bounce back, according to a Bank...
    New York (CNN Business)America's largest banks are set to earn hundreds of millions of dollars in fees paid out by the federal government under its Paycheck Protection Program, according to S&P Global.The loan program is designed to help smaller American businesses survive the coronavirus recession, and was part of Washington's $2 trillion economic stimulus package.But the program has come under intense scrutiny in recent days after the Small Business Administration disclosed that the loans have been doled out not only to mom-and-pop businesses but also to billionaires like Kanye West, large chain restaurants and Washington lawmakers. The S&P analysis found that more than 30 banks could earn as much from emergency small-business loans as they reported in net revenue for...
    (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.Alex Wroblewski | Getty Images Some of the largest banks in the U.S. on Monday reported results from the Federal Reserve's annual stress test.  Investors wondered before the announcements if any of the...
    Gold has continued to rise of late as a resurgence of coronavirus cases, particularly in the U.S., has dented some of the investor optimism about the speed of a post-pandemic recovery. Spot gold edged up slightly to $1,763 per troy ounce by Thursday afternoon in the European trading day, down from the $1,779.06 touched early on Wednesday, its highest since early October 2012. However, the precious metal is up by around 16% since the start of the year, and analysts see the broad rally continuing as uncertainty abounds over the virus and reemerging global trade tensions. Bank of America Chief Global FICC Technical Strategist Paul Ciana said the uptrend in gold prices is set to test the 2012 highs of...
    The Carolina Panthers have removed the statue of former owner Jerry Richardson that was in front of Bank of America Stadium, in Charlotte, N.C. After a report made by WSOC-TV, the Panthers released a statement on the situation, saying that the statue was being removed in the interest of public safety. “We were aware of the most recent conversation surrounding the Jerry Richardson statue and are concerned there may be attempts to take it down. We are moving the statue in the interest of public safety,” the Panthers said on the team's official Twitter account. Jim Gray, a spokesman for Richardson, put out a statement on behalf of the former Panthers owner. "Mr. Richardson has made no public comments about the Panthers or...
    New York (CNN Business)Bank of America is donating $1 billion over the next four years to community programs and small businesses to help address economic and racial inequality that has been exacerbated by Covid-19.CEO Brian Moynihan said in press release Tuesday that "underlying economic and social disparities" were made worse by the pandemic and mentioned the nationwide protests sparked by the death of George Floyd in police custody has "created a sense of true urgency.""We all need to do more," he said. The billion-dollar donation is an expansion of the several hundreds of millions of dollars Bank of America donates to nonprofits and lends to small, minitority-owned businesses.Bank of America (BAC) said the money will expand health services, like vaccination...