According to CFPB, Bank of America loan officers failed to ask applicants routine questions about certain demographic data like race, ethnicity, and sex, and then filled out the missing data, mostly falsely, themselves. By doing so, the bank violated the Home Mortgage Disclosure Act, which was enacted in 1975 with the goal of providing transparency about the lending process and discouraging discrimination to certain geographical areas and demographics.

“We will be taking additional steps to ensure that Bank of America stops breaking the law,” said CFPB’s Director Rohit Chopra in a statement.

Bank of America engaged in providing false information about mortgage applications between 2016 and 2021, according to CFPB. However, although the bank accepted the fine, it didn’t provide an admission of guilt or deny its wrongdoings.

Bank of America was the fifth largest mortgage lender in the United States in 2022 by dollar amount with $72 billion. It ranked sixth among the largest mortgage lenders in terms of volume in the same period, closing 121,486 loans. 

The post Bank of America Hit With $12 Million Fine for Submitting Inaccurate Mortgage Information appeared first on theprimarymarket.com.

Earnings for the third quarter stood at $7.8 billion while total revenue was $25.2 billion; a 3% rise from the previous year. Net interest income, which described the difference between income on loans and deposit payouts, rose by 4% from the previous year.

While the investment and trading revenues of Bank of America rose as well, CEO Brian Moynihan acknowledged that a slump had begun. “We did this in a healthy but slowing economy that saw US consumer spending still ahead of last year but continuing to slow,” the Bank of America CEO observed.

The post Bank of America Profits Rise By 10% in Q3 appeared first on theprimarymarket.com.

This comes after the company’s attempt to secure a merger deal with MindMaze, a Swiss mental health company, broke down. The deal was suggested by Albacore, a company to which Babylon owes more than $300m (£236m).

On Friday, the healthcare provided revealed that it spent $84 million during the second quarter, down from $113 million a year earlier. Still, the company warned that it may not be able to secure enough cash in order to keep the business running.

With its U.S. business drawing to a close, Babylon Health is fighting to keep its UK unit alive by finding a buyer. The company’s GP at Hand app is used by the NHS in Fulham, serving around 300,000 patients.

The post Babylon Health Hires Wall Street Banks in Last-Ditch Effort to Save Company appeared first on theprimarymarket.com.

This development is a reversal of the trend seen in the first three months of the year. Following the collapse of Silicon Valley Bank, Signature Bank, and First Republic Bank, account holders withdrew their funds from regional banks en masse in favor of depositing with the largest players in the banking sector.

Now that concerns of failure are subsiding, CFRA equity analyst Alexander Yokum feels that depositors are heading to those banks that pay the highest rates. “The regionals are winning the deposit battle right now because they’re willing to pay the most.”

“Ironically,” Yokum added, “the deposit outflows from the big banks is “actually a sign of strength”. For the week ending July 12, deposits at the largest U.S. banks fell by $78 billion; the largest drop since the week ending March 22.

The post Major U.S. Banks Showed Largest Q2 Deposit Declines appeared first on theprimarymarket.com.

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. While consumer banking strengthened, Citigroup’s corporate and investment banking unit tanked, pushing overall profits down 36%. Their investment banking unit declined 24% in the second quarter.

JPMorgan’s consumer business also strengthened, with CEO Jamie Dimon telling analysts that “they are spending down their excess cash.” Still, the bank’s corporate business underperformed, contributing to a 6% decline in its investment banking fees from a year ago.

Goldman Sachs, due to release its second-quarter earnings on Wednesday, is expected to report a decline in its investment banking revenue of 32% as well as a 17% trade decline.

Morgan Stanley’s second-quarter results, due on Tuesday, are expected to show a 4% drop in investment banking and a 19% decline in trading.

The post Bank Results Serve As Warning Sign For Wall Street appeared first on theprimarymarket.com.

“We are back in bull territory, which might be part of what it takes to get investors enthusiastic about equities again,” Savita Subramanian and the equity strategy team at Bank of America Global Research wrote in a note on Friday. “If investors feel pain in bonds, via lower returns or negative opportunity costs – likely if real rates rise from here – they should be incented to return to equities, especially equities that benefit from rising real rates (cyclical).”

According to research from the Bank of America, the S&P 500 rose 92% of the time throughout the 12 months since its bull market rise began. The historical average rise for any 12 months since 1950 is 75%.

While the bull market may be back, investors remain apprehensive to jump back into stock trading. One determining factor that will affect investor confidence is the Federal Reserve’s next interest rate decision at its June meeting. Currently, markets expect the Fed to pause its rate-hiking process.

The post S&P 500 Back in Bull Market, Bank of America Confirms appeared first on theprimarymarket.com.

Bank of America and JPMorgan Chase, the two largest banks in the United States, have expressed interest in pursuing a deal, Yahoo Finance reported. Both banks are expected to be preparing bids which will need to be submitted before the FDIC’s deadline of 12 p.m. ET Sunday in order to be considered. This follows reports on Friday that Pittsburgh-based PNC, the sixth largest U.S. bank, is also considering a bid.

Doubts over the future of First Republic Bank emerged in March when the banking sector’s stability was rocked across the board. In an effort to weather the storm, the San Francisco-based lender took out loans from the Federal Reserve and the Federal Home Loan Bank in addition to taking $30 billion in uninsured deposits from 11 of the largest U.S. banks.

The post JP Morgan, Bank of America Considering Bids for First Republic appeared first on theprimarymarket.com.

With all three banks set to hold shareholder meetings on Tuesday, the topic of reduced fossil fuel spending is expected to be discussed. Last year, similar motions at banks’ meetings won the support of no more than 13% of voters.

Heidi Welsh, executive director of the Sustainable Investments Institute, believes that the upcoming votes will help to gauge how invested Wall Street firms have become in environmental, social, and governance (ESG) issues. “If you get at least 20%, then you’re in the game,” she commented.

Ben Cushing, a Sierra Club campaign director warned, however, that by bringing votes on ESG issues to the floor, major banks risk tarnishing their image with investors that they are effectively mitigating environmental risks.

The post Bank Of America, Citigroup, And Wells Fargo & Co. Call For Reduced Fossil Fuel Financing appeared first on theprimarymarket.com.

These two banks provided two divergent views of financial institutions’ performance post-banking turmoil, with Bank of America exceeding expectations while Goldman Sachs struggled.

Bank of America’s stock rose by 2.6% during pre-market trading on Tuesday after the bank earnings of $8.2 billion; up 15% from the first quarter of 2022. Compared to the fourth quarter of 2022, Bank of America’s net interest income remained fairly constant at $233 million.

Goldman Sachs reported earnings of $3.1 billion; down from the $3.83 billion reported during the first quarter of 2022. Its investment banking revenue was down 26%, while its advisory fees were down 27%. The investment company’s stock was 3% lower during pre-market trading.

The post Bank of America Delivers Strong Q1 Results While Goldman Sachs Tumbles appeared first on theprimarymarket.com.

These earnings results are expected to provide some guidance on the direction of the U.S. economy as well as potential actions that the Federal Reserve could take at its next policy meeting in May.

With all three major U.S. indices logging gains last week, banking stocks appeared to be driving this surge, with JPMorgan leading the charge by gaining over 7% on what was its best day of trading since 2020.

“This week, the initial earnings from a few very large banks suggest that the quick work of the FDIC and Federal Reserve in the wake of Silicon Valley Bank’s failure [has] prevented broader damage,” strategists at Bespoke Investment Group commented in a note to clients.

Among the banking and investment stocks that remain in full focus are Charles Schwab, with results set to be released on Monday, and Bank of America and Goldman Sachs, both of whom will release their results on Tuesday.

The post Netflix, Tesla, Bank of America, in Spotlight Ahead of Earnings Reports appeared first on theprimarymarket.com.

According to CFPB, Bank of America loan officers failed to ask applicants routine questions about certain demographic data like race, ethnicity, and sex, and then filled out the missing data, mostly falsely, themselves. By doing so, the bank violated the Home Mortgage Disclosure Act, which was enacted in 1975 with the goal of providing transparency about the lending process and discouraging discrimination to certain geographical areas and demographics.

“We will be taking additional steps to ensure that Bank of America stops breaking the law,” said CFPB’s Director Rohit Chopra in a statement.

Bank of America engaged in providing false information about mortgage applications between 2016 and 2021, according to CFPB. However, although the bank accepted the fine, it didn’t provide an admission of guilt or deny its wrongdoings.

Bank of America was the fifth largest mortgage lender in the United States in 2022 by dollar amount with $72 billion. It ranked sixth among the largest mortgage lenders in terms of volume in the same period, closing 121,486 loans. 

The post Bank of America Hit With $12 Million Fine for Submitting Inaccurate Mortgage Information appeared first on theprimarymarket.com.

Earnings for the third quarter stood at $7.8 billion while total revenue was $25.2 billion; a 3% rise from the previous year. Net interest income, which described the difference between income on loans and deposit payouts, rose by 4% from the previous year.

While the investment and trading revenues of Bank of America rose as well, CEO Brian Moynihan acknowledged that a slump had begun. “We did this in a healthy but slowing economy that saw US consumer spending still ahead of last year but continuing to slow,” the Bank of America CEO observed.

The post Bank of America Profits Rise By 10% in Q3 appeared first on theprimarymarket.com.

This comes after the company’s attempt to secure a merger deal with MindMaze, a Swiss mental health company, broke down. The deal was suggested by Albacore, a company to which Babylon owes more than $300m (£236m).

On Friday, the healthcare provided revealed that it spent $84 million during the second quarter, down from $113 million a year earlier. Still, the company warned that it may not be able to secure enough cash in order to keep the business running.

With its U.S. business drawing to a close, Babylon Health is fighting to keep its UK unit alive by finding a buyer. The company’s GP at Hand app is used by the NHS in Fulham, serving around 300,000 patients.

The post Babylon Health Hires Wall Street Banks in Last-Ditch Effort to Save Company appeared first on theprimarymarket.com.

This development is a reversal of the trend seen in the first three months of the year. Following the collapse of Silicon Valley Bank, Signature Bank, and First Republic Bank, account holders withdrew their funds from regional banks en masse in favor of depositing with the largest players in the banking sector.

Now that concerns of failure are subsiding, CFRA equity analyst Alexander Yokum feels that depositors are heading to those banks that pay the highest rates. “The regionals are winning the deposit battle right now because they’re willing to pay the most.”

“Ironically,” Yokum added, “the deposit outflows from the big banks is “actually a sign of strength”. For the week ending July 12, deposits at the largest U.S. banks fell by $78 billion; the largest drop since the week ending March 22.

The post Major U.S. Banks Showed Largest Q2 Deposit Declines appeared first on theprimarymarket.com.

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. While consumer banking strengthened, Citigroup’s corporate and investment banking unit tanked, pushing overall profits down 36%. Their investment banking unit declined 24% in the second quarter.

JPMorgan’s consumer business also strengthened, with CEO Jamie Dimon telling analysts that “they are spending down their excess cash.” Still, the bank’s corporate business underperformed, contributing to a 6% decline in its investment banking fees from a year ago.

Goldman Sachs, due to release its second-quarter earnings on Wednesday, is expected to report a decline in its investment banking revenue of 32% as well as a 17% trade decline.

Morgan Stanley’s second-quarter results, due on Tuesday, are expected to show a 4% drop in investment banking and a 19% decline in trading.

The post Bank Results Serve As Warning Sign For Wall Street appeared first on theprimarymarket.com.

“We are back in bull territory, which might be part of what it takes to get investors enthusiastic about equities again,” Savita Subramanian and the equity strategy team at Bank of America Global Research wrote in a note on Friday. “If investors feel pain in bonds, via lower returns or negative opportunity costs – likely if real rates rise from here – they should be incented to return to equities, especially equities that benefit from rising real rates (cyclical).”

According to research from the Bank of America, the S&P 500 rose 92% of the time throughout the 12 months since its bull market rise began. The historical average rise for any 12 months since 1950 is 75%.

While the bull market may be back, investors remain apprehensive to jump back into stock trading. One determining factor that will affect investor confidence is the Federal Reserve’s next interest rate decision at its June meeting. Currently, markets expect the Fed to pause its rate-hiking process.

The post S&P 500 Back in Bull Market, Bank of America Confirms appeared first on theprimarymarket.com.

Bank of America and JPMorgan Chase, the two largest banks in the United States, have expressed interest in pursuing a deal, Yahoo Finance reported. Both banks are expected to be preparing bids which will need to be submitted before the FDIC’s deadline of 12 p.m. ET Sunday in order to be considered. This follows reports on Friday that Pittsburgh-based PNC, the sixth largest U.S. bank, is also considering a bid.

Doubts over the future of First Republic Bank emerged in March when the banking sector’s stability was rocked across the board. In an effort to weather the storm, the San Francisco-based lender took out loans from the Federal Reserve and the Federal Home Loan Bank in addition to taking $30 billion in uninsured deposits from 11 of the largest U.S. banks.

The post JP Morgan, Bank of America Considering Bids for First Republic appeared first on theprimarymarket.com.

With all three banks set to hold shareholder meetings on Tuesday, the topic of reduced fossil fuel spending is expected to be discussed. Last year, similar motions at banks’ meetings won the support of no more than 13% of voters.

Heidi Welsh, executive director of the Sustainable Investments Institute, believes that the upcoming votes will help to gauge how invested Wall Street firms have become in environmental, social, and governance (ESG) issues. “If you get at least 20%, then you’re in the game,” she commented.

Ben Cushing, a Sierra Club campaign director warned, however, that by bringing votes on ESG issues to the floor, major banks risk tarnishing their image with investors that they are effectively mitigating environmental risks.

The post Bank Of America, Citigroup, And Wells Fargo & Co. Call For Reduced Fossil Fuel Financing appeared first on theprimarymarket.com.

These two banks provided two divergent views of financial institutions’ performance post-banking turmoil, with Bank of America exceeding expectations while Goldman Sachs struggled.

Bank of America’s stock rose by 2.6% during pre-market trading on Tuesday after the bank earnings of $8.2 billion; up 15% from the first quarter of 2022. Compared to the fourth quarter of 2022, Bank of America’s net interest income remained fairly constant at $233 million.

Goldman Sachs reported earnings of $3.1 billion; down from the $3.83 billion reported during the first quarter of 2022. Its investment banking revenue was down 26%, while its advisory fees were down 27%. The investment company’s stock was 3% lower during pre-market trading.

The post Bank of America Delivers Strong Q1 Results While Goldman Sachs Tumbles appeared first on theprimarymarket.com.

These earnings results are expected to provide some guidance on the direction of the U.S. economy as well as potential actions that the Federal Reserve could take at its next policy meeting in May.

With all three major U.S. indices logging gains last week, banking stocks appeared to be driving this surge, with JPMorgan leading the charge by gaining over 7% on what was its best day of trading since 2020.

“This week, the initial earnings from a few very large banks suggest that the quick work of the FDIC and Federal Reserve in the wake of Silicon Valley Bank’s failure [has] prevented broader damage,” strategists at Bespoke Investment Group commented in a note to clients.

Among the banking and investment stocks that remain in full focus are Charles Schwab, with results set to be released on Monday, and Bank of America and Goldman Sachs, both of whom will release their results on Tuesday.

The post Netflix, Tesla, Bank of America, in Spotlight Ahead of Earnings Reports appeared first on theprimarymarket.com.