Bank of America and Deutsch Bank both released outlooks predicting the Federal Reserve will cut interest rates next year. The latter says the U.S. will enter a "mild recession."
Deposits at some of the nation's largest banks including Bank of America, Wells Fargo and Chase were delayed on Friday due to a system-wide processing issue.
Bank of America beat Wall Street estimates for quarterly profit on Tuesday, reporting a net income increase of 10% in the third quarter to $7.8 billion.
Bank of America's minimum hourly pay will become $23 once the company's planned increase happens. That $1 bump is slated for U.S. employees in October.
Bank of America is utilizing artificial intelligence through its virtual assistant Erica to streamline customers' interactions with the bank while helping to keep expenses in check.
Bank of American Chairman and CEO exclusively tells FOX Business that China's "big, growing" banks and economy is one of the U.S. economy's biggest threats.
A Bank of America survey indicated fund managers remain bearish about the state of the U.S. economy, even as stock markets continue to march higher.
Bank of America announced that its second-quarter profits beat Wall Street's expectations thanks to higher interest income and investment banking gains that beat forecasts.
Bank of America is being ordered by federal regulators to pay customers for illegally "double-dipping on fees," withholding credit card rewards and opening fake accounts.
Bank of America analysts said the stock market has a lot in common with the run-up to recent collapses in 2000 and 2008 and faces further losses this year.
Treasury Secretary Janet Yellen will reportedly meet with the CEOs of Bank of America, Citigroup, JPMorgan and other big banks amid debt ceiling threat and bank crisis.
Shares of the major U.S. banks are in the green after JPMorgan Chase announced that it would pay $10.6 billion to the FDIC to buy most of First Republic Bank's assets.
PNC Financial Services is on the inside track of bidding on First Republic Bank, as the bidding deadline looms and the struggling bank's stock were free-fall earlier this month
Bank of America CEO Brian Moynihan said during the bank's quarterly earnings call that a "mild" recession is likely to hit the economy later this year.
Bank of America's net interest income, which reflects how much money the bank makes from charging interest to customers, rose 25% to $14.4 billion in the quarter.
A note from bank strategist Jill Carey Hall says Bank of America clients sold roughly $2.3 billion in U.S. equities last week.
Following recent banking closures, Fannie Mae predicts a recession will take place in the second half of 2023. Meanwhile, Americans continue dealing with an uncertain interest rate environment and high inflation.
A Bank of America survey of fund managers shows that the threat of a systemic credit crunch is the newest threat to the market after two bank failures.
The leaders of major U.S. banks, including JPMorgan's Jamie Dimon and Bank of America's Brian Moynihan, are meeting this week for a regular quarterly gathering amid a banking crisis.
In wake of recent issues with First Republic and Silicon Valley Bank, community bank leaders tell FOX Business that sharing the financial burden with larger institutions is unfair.