bank of america corp.
Nov 27, 2023, 3:59 PM EDT
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.
JPMorgan Chase CEO Jamie Dimon warned Texas it risks damaging its business-friendly image with laws aimed at punishing major Wall Street firms.
With lending conditions "tight" and consumer temperature on inflation concerns still hot, Bank of America Chairman and CEO Brian Moynihan reveals timing of an economic slowdown.
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 America announced that its second-quarter profits beat Wall Street's expectations thanks to higher interest income and investment banking gains that beat forecasts.
Among the top performers were Charles Schwab Corp. and Deutsche Bank's U.S. operations, while regional lenders Citizens Financial Corp. and US Bancorp were the laggards of the pack.
The International Monetary Fund initially predicted Germany and Britain alone to suffer recessions as inflation remains high across Europe and spending drops in response.
The Fed has noted that the job market has a robust supply but warned that if it grew "tight" it might prompt the need for further rate hikes, which the bank is not keen to pursue.