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INX:BAC, Mar 28, 09:00 UTC

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Bank of America’s Race to Avoid Public Shaming Underscores the Perils of the Crisis

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(Bloomberg) -- For 93 uncomfortable minutes, Bank of America Corp. rushed to escape infamy this week, before it was saved by the grace of James Corden, the affable talk show host known for crooning in cars with stars. The drama began when California Governor Gavin Newsom called out the bank for not offering 90-day grace periods to mortgage borrowers affected by the coronavirus, despite such pledges by rivals including JPMorgan Chase & Co. and Wells Fargo & Co. A journalist tweeted the lashing, and then Corden reposted it to his 10.7 million followers. One of the industry’s most senior leaders put it this way: The country’s banks are strong and ready to support the economy -- but they can’t afford to lend irresponsibly to clients who can’t repay. There are also ethical questions: Banks must walk a “fine line” to prevent desperate clients from overburdening themselves with debts they can’t repay, Citigroup Inc. Chief Executive Officer Michael Corbat told the Financial Times this week.

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Bank of America capital levels allow operational focus during crisis: CEO

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Bank of America capital levels allow operational focus during crisis: CEO. (Reuters) - Bank of America Corp <BAC.N> is better positioned to focus on operations rather than financial risk during the coronavirus outbreak, thanks to regulatory safeguards put in place after the financial crisis in 2008, Chief Executive Brian Moynihan said on Friday. "What's different this time is clearly our capital liquidity," Moynihan said in a CNBC interview. The second largest U.S. bank by assets has extended more than $50 billion in loans this so far month to commercial clients looking for cash to survive the coronavirus recession.

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Thursday, March 26


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Here's Why JPMorgan Chase, Bank of America, and Citigroup Are Rising on Thursday

BAC

The stock market is rallying for a third consecutive day after the $2 trillion stimulus package was agreed upon by key leaders. As of 11 a.m. EDT, the Dow Jones Industrial Average and S&P 500 index were up by 4.1% and 3.6%, respectively. JPMorgan Chase(NYSE: JPM), Bank of America(NYSE: BAC), and Citigroup (NYSE: C) were all up by more than 5% for the day so far. It's also worth mentioning that the rally in bank stocks is despite Treasury yields falling on Thursday, which is typically a negative catalyst for the financial sector. The stock market hates uncertainty, and there's still quite a bit of it. However, the stimulus certainly helps calm things down, at least on the economic side of the pandemic. Until we actually see the coronavirus infection numbers start to move in the right direction, the banks aren't out of the woods. But the stimulus will definitely help them weather the storm.

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Wednesday, March 25


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Bank of America (BAC) Gains But Lags Market: What You Should Know

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Bank of America (BAC) Gains But Lags Market: What You Should Know. Bank of America (BAC) closed at $21.10 in the latest trading session, marking a +0.33% move from the prior day. Heading into today, shares of the nation's second-largest bank had lost 32.34% over the past month, lagging the Finance sector's loss of 31.3% and the S&P 500's loss of 24.07% in that time. Our most recent consensus estimate is calling for quarterly revenue of $23.11 billion, up 0.45% from the year-ago period. For the full year, our Zacks Consensus Estimates are projecting earnings of $2.92 per share and revenue of $90.47 billion, which would represent changes of +6.18% and -0.85%, respectively, from the prior year.

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5 Bank Stocks to Buy Now Because This Isn’t 2008 Again

BAC GS +1 more BAC GS C

InvestorPlace - Stock Market News, Stock Advice & Trading Tips. When the economy slips into a recession and the stock market tanks, investors are naturally inclined to sell bank stocks. After all, during the last recession and bear market in 2008, bank stocks were the biggest losers, with some bank stocks ultimately going to zero. Year-to-date, many bank stocks are down 40% or more. But, here’s the thing: not all recessions and bear markets are the same, and this isn’t 2008. They’ve been prepping for a crisis like this over the past decade through multiple stress tests. And, this time around, banks will be helping the government in saving other sectors of the economy. So, should bank stocks be down in 2020?

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The Zacks Analyst Blog Highlights: Visa, Bank of America, Citigroup, Netflix and Duke Energy

BAC V +3 more BAC V NFLX DUK C

Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Visa V, Bank of America BAC, Citigroup C, Netflix NFLX and Duke Energy DUK. Shares of Bank of America have lost 28.3% over the past year against the Zacks Major Regional Banks’ fall of 35.1%. The Zacks analyst believes that opening branches in new regions, improved digital offerings, decent loan demand and efforts to control costs are expected to aid profitability despite near-zero interest rates.

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Tuesday, March 24


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Top Stock Reports for Visa, Bank of America & Citigroup

BAC V +1 more BAC V C

Today's Research Daily features new research reports on 16 major stocks, including Visa (V), Bank of America (BAC) and Citigroup (C). Shift in payments such as mobile, cards and online paved way for long-term growth and led to an increase in payments volume, cross-border volume and processed transactions. The Zacks analyst believes that opening branches in new regions, improved digital offerings, decent loan demand and efforts to control costs are expected to aid profitability despite near-zero interest rates. The Zacks analyst believes that Citigroup’s streamlining efforts, along with strategic investments in core business, bode well for the long term.

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Monday, March 23


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The Fed Needs to Revive “War-Time Measures” to Help Economy, Bank of America Says

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Target predetermined yield levels for Treasuries to help offset economic impact of coronavirus, Bank of America says.

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Here's Why Bank of America and Citigroup Are Falling Today

BAC C

Here's Why Bank of America and Citigroup Are Falling Today | NASDAQ. What happened. The stock market is having another rough day Monday, with the Dow Jones Industrial Average and S&P 500 benchmarks down by 4% and 3%, respectively, at 3:15 p.m. EDT after the Senate failed to agree on a stimulus effort. As we've seen several times during the coronavirus market downturn, the financial sector is getting hit worse than most. Some of the big bank stocks are falling quite dramatically, with Bank of America(NYSE: BAC) and Citigroup (NYSE: C) both down by nearly 8%. In a nutshell, the longer the coronavirus pandemic drags on and the longer Congress takes to act, the worse recession fears are going to get. And banks can get hit in a few big ways:. Nobody can predict how long the coronavirus outbreak will last, how deep the recession will be, or what measures the federal government will take to protect the U.S. economy. If the pandemic starts to blow over or a massive stimulus package passes, it could be a positive catalyst for the bank stocks, but if the recession is deeper than expected, there could still be more room to the downside.

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