Bank of America clients withdraw $2.3B from US securities
Bank recorded biggest real estate outflows since mid-2021
Bank of America still forecasting a 2023 recession: Keith Banks
Bank of America Vice Chairman Keith Banks provides his outlook on upcoming earnings and other macroeconomy factors.
Bank of America clients sold around $2.3 billion in U.S. equities last week, according to a note from bank strategist Jill Carey Hall on Tuesday.
Although the note failed to highlight reasons for the withdrawal, data compiled by Bank of America showed clients sold both single stocks and ETFs for the second consecutive week, while selling was broad-based across client groups including institutional, hedge funds, retail, and size segments.
CHARLES SCHWAB NETS $53B IN ASSETS, SECOND HIGHEST MARCH IN HISTORY
Amid concerns over commercial real estate, the bank recorded the biggest real estate outflows since mid-2021.
Meanwhile, exchange-traded funds (ETFs) posted their biggest outflow since January across all styles including growth, value, and blend and across small, mid, and large cap ETFs.
BANK OF AMERICA TOTALED $1.2 BILLION IN PENALTIES, SETTLEMENTS IN 2022
![](https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2022/01/931/523/Bank-of-America-Tower-NYC.jpg?ve=1&tl=1)
Pedestrians walk past the Bank of America Tower in New York, Sept. 7, 2021. (Amir Hamja/Bloomberg via Getty Images / Getty Images)
The bank said buybacks accelerated as client repurchases gained steam and were slightly above seasonal trends for the first time in ten weeks.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
BAC | BANK OF AMERICA CORP. | 40.14 | -0.36 | -0.89% |
Buybacks typically accelerate over the subsequent six weeks after earnings season begins, according to Hall’s note.
The bank also said it expects no net contribution to earnings per share from buybacks this year.
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