Bank of America reports 34% drop in Q2 profit
Bank of America drops in quarterly profit as dealmaking slumps Reuters-Bank ofAmerica Corp posted a 34% drop in second-quarter profit on Monday, hit by a slump in investment banking revenue as dealmaker activity fell to a fraction of last year's record levels. Bank of America drops in quarterly profit as dealmaking slumps Reuters- Bank ...
Updated: 07/18/2022
Futures extend gains ahead of earnings from banks
... could stick to a 75 basis point hike, the worries about a 100 basis point raise in rates at the end of this month have eased, as it was reported by Fed officials that the policymakers could stick to a 75 basis point hike. Earnings are now awaited by Bank of America Corp and Goldman Sachs Group Inc, with both banks expected to post a drop in quarterly profit. Their shares were about 0.8% higher before the market opened. Boeing Co rose 2.7% after Delta Air Lines said it would buy 100 MAX 10 jets worth about $13....
Updated: 07/18/2022
The S&P 500 to stop a 5-day slide, with banks leading the charge
.... Traders are watching for signs of capitulation that they hope will set the stage for an equity recovery. The risk of a hard recession and a stronger dollar rises in the second half of the year could lead to more declines in US stocks, according to Bank of America Corp. strategists. If the second quarter earnings season is worse than expected, equity markets could see proper capitulation, according to strategists led by Michael Hartnett . UnitedHealth Group Inc.'s second quarter results were lifted by lower costs ...
Updated: 07/18/2022
Citi Bank earnings boost US stock market
... focusing on an improved outlook for net interest income and expenses. With four of the six largest US banks reporting their results over the last two days, attention will quickly turn to the next week s release calendar. Goldman Sachs Group Inc. and Bank of America Corp. will announce their results before the opening bell on Monday. Why is gas so expensive? The US needs more refineries.
Updated: 07/15/2022
US banks set to pay $1 bn in fines for mismanagement
... it expects to pay $200 million in fines, the same amount JPMorgan Chase Co. paid as authorities use that settlement as a yardstick for the industry. People who have knowledge of the talks told me that Citigroup Inc. , Goldman Sachs Group Inc. and Bank of America Corp. had advanced discussions with the regulators to pay a similar figure, according to people with knowledge of the talks who asked not to be identified because the matter isn't public. The discussions have not yet finished and the penalties could still ...
Updated: 07/15/2022
Buffett's Berkshire Hathaway buys 4.3% stake in Occidental
... the BNSF railroad for $26.5 billion, after earlier accumulating a 22.6% stake. Buffett 's Omaha, Nebraska-based conglomerate also owns dozens of other businesses, including the Geico car insurer and See's candies, and stocks, including Apple Inc and Bank of America Corp.
Updated: 07/13/2022
Mild US recession this year, BofA economists say
Bank of America Economists say that a Mild US recession is coming this year. Pompeina in the US, the Bank of America Corp. economists predict a mild recession this year, and say services spending is slowing and hot inflation is spurring consumers to pull back. Bank of America Economists say that a Mild US recession is coming this year. In the US, the Bank of America ...
Updated: 07/13/2022
Citigroup suspends high-profile investment banker
... According to Bloomberg, Citigroup was ranked eighth among the advisers on takeovers of UK companies last year, with a role on $34.5 billion of transactions. In 2021 it ranked third among the underwriters of London IPOs, behind only JPMorgan Chase Co. and Bank of America Corp. Many finance firms say they're taking a harder line on inappropriate behavior as the City of London tries to dismantle a male-dominated culture that has been criticized by UK regulators. None of the US Industrial Complex is starting to Buckle from ...
Updated: 07/12/2022
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