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INX:BAC, Apr 21, 06:53 UTC

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Big banks saved $3.6B in taxes last quarter under new law

BAC DTRUMP

Big banks saved $3.6B in taxes last quarter under new law. Associated Press20 April 2018. NEW YORK (AP) — The nation's six big Wall Street banks posted record, or near record, profits in the first quarter, and they can thank one person in particular: President Donald Trump. While higher interest rates allowed banks to earn more from lending in the first quarter, the main boost to bank came from the billions of dollars they saved in taxes under the tax law Trump signed in December. Combined, the six banks saved at least $3.59 billion last quarter, according to an Associated Press estimate, using the bank's tax rates going back to 2015. JPMorgan Chase said it had a first-quarter tax rate of 18.3 percent, Goldman Sachs paid just 17.2 percent in taxes, and the highest-taxed bank of the six majors, Citigroup, had a tax rate of 23.7 percent.

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Big banks saved $3.6B in taxes last quarter under new law

BAC DTRUMP

Big banks saved $3.6B in taxes last quarter under new law. Associated Press20 April 2018. NEW YORK (AP) — The nation's six big Wall Street banks posted record, or near record, profits in the first quarter, and they can thank one person in particular: President Donald Trump. While higher interest rates allowed banks to earn more from lending in the first quarter, the main boost to bank came from the billions of dollars they saved in taxes under the tax law Trump signed in December. Combined, the six banks saved at least $3.59 billion last quarter, according to an Associated Press estimate, using the bank's tax rates going back to 2015. JPMorgan Chase said it had a first-quarter tax rate of 18.3 percent, Goldman Sachs paid just 17.2 percent in taxes, and the highest-taxed bank of the six majors, Citigroup, had a tax rate of 23.7 percent.

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Bank of America downgrades Procter & Gamble on 'longer lasting' challenges

BAC

"Bank of America downgrades Procter & Gamble on 'longer lasting' challenges.", 'Bank of America Merrill Lynch downgraded P rocter & Gamble to neutral from buy, based on the view it will be more difficult than expected for the business to grow.', 'The analysts expected the company\'s initiatives would help improve profits over time. But after Thursday\'s earnings release, "it is clear some challenges could be longer lasting," Research Analyst Olivia Tong and her team said in a Friday note.', '"PG is taking steps to improve its growth profile, including [Thursday\'s] deal to acquire Merck Consumer Health, and there are pockets of growth like Beauty," the BofAML analysts said, "but not meaningful enough in total against the challenges." As of Thursday\'s close, shares of P&G were in a bear market, off 20.8 percent from their record high hit in September of $94.67 a share.'

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Friday’s Vital Data: General Electric Company (GE), Amazon.com, Inc. (AMZN) and Bank of America Corp (BAC)

BAC AMZN +1 more BAC AMZN GE

'Specifically, General Electric Company (NYSE:GE) is lifting the Dow Jones Industrial Average after beating first-quarter earnings estimates. However, the political scene could heat up significantly.', 'Taking a closer look at Thursday’s options activity, General Electric saw a run on call options heading into this morning’s quarterly report.', 'GE stock options traders loaded up on calls ahead of the event.', 'GE is set to open just shy of $15 this morning, putting the stock north of all major call open interest strikes in the May and June series. However, peak April call OI rests at the $15 strike, and could create some turbulence today.'

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Thursday, April 19


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Merrill Lynch's New Incentive-Based Advisor Pay Worked Out in Q1

BAC

Merrill Lynch overhauled the compensation incentives for its brokers and advisors, and it has appeared to pay off in the first quarter.

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Women Have Fundamentally Different Journeys to Financial Wellness, Merrill Lynch Study Reveals

BAC

'A new Merrill Lynch study conducted in partnership with Age Wave, “Women and Financial Wellness: Beyond the Bottom Line,” celebrates the progress made by women while examining the financial challenges women still face throughout their lives, and offers potential solutions.', '“Women have come a long way both personally and professionally, but when it comes to their finances, there is still a trail left to blaze,” said Lorna Sabbia, head of Retirement and Personal Wealth Solutions for Bank of America Merrill Lynch.', 'Confidence in all but investingThe study finds that women are confident in most financial tasks, such as paying bills (90 percent) and budgeting (84 percent). However, when it comes to managing investments, their confidence drops significantly; only 52 percent of women say they are confident in managing investments, versus 68 percent of men.', '“In a period of remarkable advances for women in society, a remaining frontier is financial well-being,” said Andy Sieg, head of Merrill Lynch Wealth Management.'

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Bank of America Merchant Services and Bypass Present PYMNTS.com Quarterly Restaurant Readiness Index™ - Press Release

BAC

Bank of America Merchant Services and Bypass Present PYMNTS.com Quarterly Restaurant Readiness Index™. CHARLOTTE, N.C.--(BUSINESS WIRE)--In collaboration with Bank of America Merchant Services and Bypass Mobile, PYMNTS.com today launched its latest Restaurant Readiness Index™ measuring the level of innovation in the U.S. quick-service restaurant (QSR) industry. The index tracks QSRs’ use of online ordering, in-store beacons, alternative payment methods and other capabilities that make ordering and engagement easier and more convenient for guests. PYMNTS.com studied 178 QSRs and tracked the presence or absence of key convenience features when customers order and pay in-store, on a mobile device or via the web. Of the 178 QSRs analyzed, 173 operated between eight and 2,630 locations. These include burger, bakery/café, chicken, frozen dessert, ethnic foods, sandwich, and soup/salad/bowl chains. Among this quarter’s most notable findings:. The soup/salad/bowl QSR segment tops the index for innovation. Sandwich QSRs landed in a close second place. Restaurants serving frozen desserts remain at the other end of the spectrum with the worst QSR scores. Mexican food QSRs have the most consistent performance. QSRs need to rein in their purchasing features. QSRs currently offer customers more than 100 purchasing features— ranging from curbside pick-up to order authentication— but customers only care about 30 of them. Some customer favorites include in-store offers, multiple-payment acceptance and various pick-up methods. Digital wallets remain popular when paying in-store. However, QSRs are enabling their use at lower rates online and in mobiles apps. Some of the most recognized QSR brands earned top rankings in the index. Among the attributes that made them stand out: their likelihood of offering QR code, inventory checking, online-ordering/in-store pick up, and saved-payment-method capabilities. To read the latest Restaurant Readiness Index, please visit: https://www.pymnts.com. Bank of America Merchant Services, a global leader in payments, eCommerce and security solutions, and Bypass, a leading innovator in enterprise point-of-sale systems for the multi-site food and beverage industry, sponsored the development and publication of PYMNTS.com’s Restaurant Readiness Index. Neither company supplied PYMNTS.com with client payments processing data for analysis. About Bank of America Merchant Services. Bank of America Merchant Services is a global leader in payments, eCommerce and security solutions. It helps clients of all sizes effectively manage and grow their businesses by enabling them to deliver convenient, compelling commerce experiences for their customers. Powerhouse brands Bank of America and First Data formed Bank of America Merchant Services in 2009. Today the company processes 16.6 billion transactions at approximately 539,000 merchant locations throughout the United States, Canada and Europe.1. Learn more about Bank of America Merchant Services and its solutions for businesses of all sizes at merch.bankofamerica.com. 1Based on bankcard, other credit, and PIN debit sales volume and transactions. Per the Nilson Report, March 2018, Issue #1127. About Bypass Mobile. Bypass Mobile, LLC is the leading innovator in enterprise POS systems, robust back office management tools, and rich insights engines for the multi-site food & beverage industry. Its approach helps over 160 professional and collegiate sports venues and national restaurant chains accelerate profit, efficiency, and guest experience beyond levels achieved with legacy solutions. This happens with tablet POS terminals and a cloud-enabled open API platform broad enough to serve the full spectrum today’s needs and agile enough to rapidly support future requirements. The company has deployed 10,000+ devices at a cost, pace, and ease of integration never before possible. For more information, visit https://www.bypassmobile.com.

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Wednesday, April 18


News

Bank earnings growth thanks to tax cuts

BAC

"The combined Q1 earnings of Goldman Sachs (NYSE:GS), JPMorgan (NYSE:JPM), Bank of America (NYSE:BAC), Citigroup (NYSE:C), and Wells Fargo (NYSE:WFC) were up by more than $2.5B thanks to lower corporate tax rates, according to the WSJ. While that's less than 10% of combined overall income, that $2.5B makes up for a sizable chunk of year-over-year earnings growth.", 'Wells Fargo, in fact, would have seen earnings decline from one year ago, and Citigroup and BofA would have seen no growth.', 'This below-the-hood analysis might explain the lame stock price reaction to big headline earnings beat announced by each of these five lenders in recent days.', 'Not included, in the WSJ analysis, Morgan Stanley (NYSE:MS) also reported a sizable beat this morning, and it too is now in the red.'

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Merrill Lynch: Fewer, But More Productive, Advisors

BAC

Bank of America reported first-quarter results Monday, and there are a lot of interesting details to unpack about its Merrill Lynch wealth management unit. The ranks of Merrill advisors shrank 2% in the latest quarter, to 14,829, FinancialAdvisorIQ reports. Bank of America attributed the decline to “seasonally fewer hires” in its advisor training program.

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Tuesday, April 17


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Investor Expectations to Drive Momentum within Bank of America, Abbott Laboratories, Analog Devices, Mohawk Industries, Maxwell Technologies, and Oracle — Discovering Underlying Factors of Influence

BAC ADI +3 more BAC ADI MHK ORCL ABT

BAC DOWNLOAD: http://Fundamental-Markets. ABT DOWNLOAD: http://Fundamental-Markets. Mohawk Industries' Recent Financial Performance. Analog Devices' Recent Financial Performance.

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