Bank of America Hit With $12 Million Fine for Submitting Inaccurate Mortgage Information
The U.S. Consumer Financial Protection Bureau (CFPB) announced on Tuesday that Bank of America accepted to pay a $12 million fine for submitting inaccurate information about its mortgage applicants.
According to CFPB, Bank of America loan officers failed to ask applicants routine questions about certain...
Bank of America Profits Rise By 10% in Q3
Bank of America reported its third-quarter earnings on Tuesday, revealing that profits were up 10% from a year ago. This comes after the second-largest US bank got a boost from higher interest income in the face of rising Federal Reserve rates. Stocks in the...
Babylon Health Hires Wall Street Banks in Last-Ditch Effort to Save Company
Babylon Health has reached out to Bank of America and their long-term advisor Citigroup in an effort to save the company, with Deloitte also providing guidance. This comes after the healthcare provider announced that it would be shutting its U.S. business, laying off hundreds...
Major U.S. Banks Showed Largest Q2 Deposit Declines
U.S. bank deposits declined in the second quarter, with major banks unexpectedly suffering the largest dropoffs. The four largest U.S. banks by assets: Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo, lost $262 billion in deposits compared to the previous year. In contrast,...
Bank Results Serve As Warning Sign For Wall Street
A tough week ahead is expected for Wall Street as banks reported mixed earnings results over the past week.
Citigroup CEO Jane Fraser commented that "the long-awaited rebound in investment banking has yet to materialize," following the release of her bank's disappointing second-quarter results....
S&P 500 Back in Bull Market, Bank of America Confirms
The S&P 500 is at the start of a new bull market after gaining more than 20% following its October lows. Its current run to the bull market of 248 trading days marks the longest bear run on the S&P since 1948.
"We are back...