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BREAKINGVIEWS-Wells Fargo has worn its dunce cap long enough
Wells Fargo was prohibited from getting bigger for a series of flagrant customer abuses. Federal Reserve imposed a $2 trillion cap on the bank's assets in 2018. John Foley says the bank has worn its dunce cap long enough. The bank missed out on $540 billion of deposit growth since the cap, he says.
Reuters · 1d ago
Comerica quarterly profit slumps on weaker interest income
Comerica quarterly profit slumps on weaker interest income from customers. High deposit costs have made it costly for banks to retain deposits. Comerica's interest income fell 23% to $548 million in the first quarter. High interest rate environment has hurt other U.S. Banks.
Reuters · 1d ago
BANK OF AMERICA CORP <BAC.N>: BMO RAISES TARGET PRICE TO $37 FROM $36
Reuters · 1d ago
U.S. RESEARCH ROUNDUP- Builders Firstsource, Eli Lilly, Northern Trust
Wall Street analysts revise their ratings and price targets on several U.S.-listed companies. Builders Firstsource, Eli Lilly, Northern Trust and Abbott Laboratories among those. Alphabet Inc, Chevron and BP among companies with positive research actions on Thursday. NEW: Alphabet raises target price to $165 from $160.
Reuters · 1d ago
Walmart-backed Ibotta targets up to $2.7 bln valuation in US IPO
Walmart-backed Ibotta targets up to $2.7 bln valuation in US IPO. Digital marketing company will likely raise $577.3 million in its IPO. The company plans to sell 6.6 million shares of its class A common stock at $88 apiece.
Reuters · 1d ago
BANK OF AMERICA ANNOUNCES REDEMPTIONS OF FLOATING RATE SENIOR NOTES DUE APRIL 2025 AND 3.841% FIXED/FLOATING RATE SENIOR NOTES DUE APRIL 2025
Reuters · 1d ago
UPDATE 1-Citizens' profit slips on weak interest income, expects loans to pick up H2
Citizens Financial's interest income falls 12% to $1.44 billion in the first quarter. Bank expects loan growth to pick up in the second half of the year, CEO says. Banks in the U.S. Have been bracing for a turnaround in interest income.
Reuters · 1d ago
LIVE MARKETS-BofA clients still bypass healthcare stocks
BofA clients still bypass healthcare stocks for a third-straight week. BofA Securities equity and quant strategist says clients reduced equity exposure last week. The healthcare sector saw the eighth largest weekly outflow in the firm's history. The group continues to have the longest selling streak of any sector.
Reuters · 1d ago
Japanese valuations continue to appeal despite strong run, investors say
Japanese valuations continue to appeal despite strong run, investors say. The Nikkei .N225 rallied to a record high in March. Earnings, improving corporate governance and macro fundamentals continue to drive optimism. Japan is the "go-to market" in Asia for investors.
Reuters · 2d ago
BANK OF AMERICA <BAC.N>: OPPENHEIMER CUTS TARGET PRICE TO $45 FROM $46
Reuters · 2d ago
REFILE-WRAPUP 4-Morgan Stanley, HSBC cutting Asia investment banking jobs on China deals slowdown
Morgan Stanley and HSBC are cutting dozens of investment banking jobs in the Asia Pacific region this week. The cuts come on the back of weaker dealmaking and sluggish markets in China and Hong Kong. Morgan Stanley is cutting at least 50 jobs, sources say, affecting around 13% of its Asia investment banking workforce. The moves are among the largest for the banks' China-focused investment banking teams.
Reuters · 2d ago
WRAPUP 4-Morgan Stanley, HSBC cutting Asia investment banking jobs on China deals slowdown
Morgan Stanley and HSBC are cutting dozens of investment banking jobs in the Asia Pacific region this week. The cuts come amid a slowdown in dealmaking and sluggish markets in China and Hong Kong. Morgan Stanley is cutting at least 50 jobs in Asia Pacific this week, sources say. HSBC is expected to cut around 30 dealmakers in the region.
Reuters · 2d ago
Citizens Financial profit slips on weaker interest income
Citizens Financial's interest income tumbled 12% to $1.44 billion in the first quarter. Banks in the U.S. Have been bracing for a turnaround in gains from interest income. The bank set aside $171 million in provisions for credit losses.
Reuters · 2d ago
BUZZ-Street View: BofA poised for strong year despite uncertain economic environment
Bank of America's BAC.N Q1 profit shrank and the bank set aside more money to cover souring loans. RBC says BofA's core business of gathering deposits will lead to stronger long-term earnings growth. Morningstar says the bank is well positioned in uncertain economic environment.
Reuters · 2d ago
CORRECTED-WRAPUP 2-Morgan Stanley, HSBC cutting dozens of Asia investment banking jobs on deal slowdown
Morgan Stanley, HSBC cutting dozens of Asia investment banking jobs on deal slowdown. Morgan Stanley is cutting at least 50 jobs in the region starting this week, sources say. Money raised via China IPOs plunged 82% and two-thirds in the first quarter. The cuts are among the largest to the two banks' China-focused investment banking teams.
Reuters · 2d ago
U.S. RESEARCH ROUNDUP-3M, J&J, Nuvalent
Wall Street analysts revise their ratings and price targets on several U.S.-listed companies. 3M, J&J and Nuvalent are among the companies. Analysts also raise their targets on Amazon, Tractor Supply, UnitedHealth Group and Amgen. NEW: 3M cuts its target price to $110 from $118; 10X Genomics cuts target price.
Reuters · 2d ago
UPDATE 2-Morgan Stanley cuts dozens of investment banking jobs in Asia-Pacific, sources say
Sources say Morgan Stanley is cutting at least 50 investment banking jobs in Asia-Pacific. The layoffs affect around 13% of the bank's Asia investment banking workforce, sources say. Bankers based in Hong Kong and mainland China are going to be affected the most, they say. The cuts are due to a slump in China markets.
Reuters · 2d ago
BANK OF AMERICA CORP <BAC.N>: PIPER SANDLER RAISES TARGET PRICE TO $34 FROM $33
Reuters · 2d ago
CANADA STOCKS-Toronto share index drops to one-month closing low, Barrick Gold falls
Toronto share index drops to one-month closing low, Barrick Gold falls TSX down 97.33 points or 0.45% materials shares lead decline. Overall sentiment cautious due to heightened tensions in the Middle East. Annual inflation rate ticks up to 2.9% in March.
Reuters · 2d ago
US STOCKS-Wall Street stocks close lower on higher Treasury yields, rate expectations
Wall Street stocks close lower on higher Treasury yields, rate expectations UnitedHealth gains on Q1 profit beat Fed Chair Jerome Powell sees higher rates for longer. Dow Jones Industrial Average gets a boost from UnitedHealth Group's better-than-expected quarterly results. Real estate and utilities are biggest drags on the S&P 500.
Reuters · 2d ago
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About BAC-PRA
Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S. Trust, Bank of America Private Wealth Management; Global Banking, which provides a range of lending-related products and services; Global Markets, which offers sales and trading services, and All Other, which consists of equity investments, residual expense allocations and other.