BML-PJ - Bank of America Corporation

NYSE - NYSE Delayed Price. Currency in USD
23.39
-0.03 (-0.13%)
At close: 3:56PM EDT
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Short-term KST

Performance Outlook
  • Short Term
    2W - 6W
  • Mid Term
    6W - 9M
  • Long Term
    9M+
Previous Close23.42
Open23.28
Bid23.34 x 1100
Ask23.49 x 1300
Day's Range23.25 - 23.49
52 Week Range15.57 - 25.17
Volume16,703
Avg. Volume23,226
Market Cap270.501B
Beta (5Y Monthly)1.65
PE Ratio (TTM)8.62
EPS (TTM)2.71
Earnings DateN/A
Forward Dividend & Yield1.00 (4.30%)
Ex-Dividend DateMay 14, 2020
1y Target EstN/A
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
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  • Bank of America to pay $7.23 million for mutual fund overcharges: FINRA
    Reuters

    Bank of America to pay $7.23 million for mutual fund overcharges: FINRA

    The Financial Industry Regulatory Authority (FINRA) said on Thursday that the accord resolves charges that defective procedures at the bank's Merrill Lynch unit caused customers holding 13,328 accounts to incur unnecessary sales charges and fees from April 2011 to April 2017. FINRA said some eligible customers failed to receive waivers of front-end sales charges when they bought fund shares after previously selling shares from the same fund family, while others failed to receive rebates of back-end sales fees. Merrill Lynch did not admit or deny wrongdoing.

  • Bloomberg

    Uber’s Ride-Hailing Recovery Comes Slowly With Business Down 70%

    (Bloomberg) -- Uber Technologies Inc.’s global rides business is down 70% from last year, a slight improvement from its low point in the coronavirus pandemic but an indication that recovery will come slowly.The decline in rides continues to be at least partially offset by a food delivery boom. The Uber Eats business is more than doubling, and the gains are accelerating, Dara Khosrowshahi, the chief executive officer, said Wednesday at a virtual technology conference hosted by Bank of America. Uber intends to drive consolidation in the food delivery market and continues to look for opportunities, he said. He declined to comment on Uber’s proposal to buy Grubhub Inc., which was first reported by Bloomberg last month.Read more: Uber’s Ex-CTO Reflects on a Rift With Travis Kalanick and How to Fix Autonomous CarsLike the rest of the travel industry, Uber has been hard hit by the pandemic and restrictions limiting normal activities. Uber reported a first-ever decline in the gross bookings of rides last quarter and said business was down 80% in April. As a result, the San Francisco-based company has postponed profit targets, eliminated several divisions and sliced about a quarter of its global workforce.Khosrowshahi’s comments Wednesday erased some of the stock’s gains in intraday trading, but shares were up about 3% alongside a market-wide increase.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Charles de Vaulx Exits 4 Stocks, Boosts 2 Holdings in 1st Quarter
    GuruFocus.com

    Charles de Vaulx Exits 4 Stocks, Boosts 2 Holdings in 1st Quarter

    Fund boosts stake in Buffett’s conglomerate, top sells include Samsung and Bank of America Continue reading...

  • Oil’s Comeback Encourages U.S. Shale and Complicates OPEC+ Task
    Bloomberg

    Oil’s Comeback Encourages U.S. Shale and Complicates OPEC+ Task

    (Bloomberg) -- As OPEC+ producers head toward a consensus on extending output curbs, oil’s rally is prompting some U.S. producers to open their taps once again.Futures settled at their highest since March 6 on Tuesday, the day the Saudi-Russian alliance broke down just as a global pandemic dimmed the outlook for demand. Oil’s rebound over the past month brings back concerns that Russia could again hesitate to extend output cuts, with rival shale producers signaling they are ready to re-open wells that were shut during the market’s collapse.Further evidence of that threat emerged this week, when U.S. driller Parsley Energy Inc. said it’s turning oil wells back on just weeks after shutting them off, illustrating the shale industry’s agility in responding to rising crude prices.Also read: Early Signs Show Shale Oil Production Bouncing Back With Prices“If everybody magically decides to turn the taps back on and lets the oil back to the surface, now you’ve got 1.5 million to 2 million barrels a day that needs to find a home,” said Stewart Glickman, an energy analyst at CFRA Research.On Tuesday, OPEC members were still wrangling over when to hold their next meeting, against what’s still an uncertain demand backdrop. For now, Russia and several other OPEC+ nations are said to favor extending their current output cuts by a month.It’s unclear if a month’s extension of curbs is enough for Saudi Arabia -- the biggest producer in the Organization of Petroleum Exporting Countries -- though the proposal is within the range of the kingdom’s own call for a one- to three-month elongation.“It will be a question of how much price gains do you really want with the risk of the return of U.S. shale oil?” said Olivier Jakob, managing director of Petromatrix GmbH.The industry-funded American Petroleum Institute reported that supplies in Cushing, Oklahoma, fell by 2.2 million barrels last week. That would mark the fourth straight weekly decline if U.S. government data confirms the draw on Wednesday. U.S. crude stockpiles fell 483,000 barrels, according to the report. North American oil production shut-ins peaked in May, and June curtailments should be “a fraction of the previously announced levels,” Bank of America analysts wrote in a Monday note.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Barrons.com

    More Companies Are Taking a Stance on the Protests—Even When It Comes with Risks

    Once upon a time, companies were reluctant to wade into debates over social issues for fear of alienating their customers. Today, many feel they must weigh in, although their efforts sometimes fall short.

  • Reuters

    Bank of America pledges $1 billion to address racial, economic inequality

    "The events of the past week have created a sense of true urgency that has arisen across our nation, particularly in view of the racial injustices we have seen in the communities where we work and live," Chief Executive Officer Brian Moynihan said. Major cities across the country were hit by the worst civil unrest seen in years following the death of George Floyd last week, with demonstrators setting fire to a strip mall in Los Angeles, looting stores in New York City and clashing with police. Bank of America said its four-year commitment will include programs such as virus testing and other health services, especially focusing on communities of color, support to minority-owned small businesses, and partnerships with historically black and Hispanic educational institutions.

  • Reuters

    JPMorgan, Barclays settle Mexican bond rigging litigation

    JPMorgan Chase & Co and Barclays Plc will pay $20.7 million to resolve investors' claims they conspired to rig the Mexican government bond market, the first of nine banks in the proposed class-action litigation to settle. In a Monday night filing with the U.S. District Court in Manhattan, lawyers for the investors said the "ice breaker" settlements could be a catalyst for settlements with the other bank defendants. JPMorgan is paying $15 million, and Barclays is paying $5.7 million.

  • Bank of America Announces $1 Billion/4-Year Commitment to Support Economic Opportunity Initiatives
    Business Wire

    Bank of America Announces $1 Billion/4-Year Commitment to Support Economic Opportunity Initiatives

    Bank of America announced today that it is making a $1 billion, four-year commitment of additional support to help local communities address economic and racial inequality accelerated by a global pandemic. The programs will be focused on assisting people and communities of color that have experienced a greater impact from the health crisis.

  • Reuters

    U.S. companies issue shares at fastest rate ever, selling the rally

    U.S. public companies sold more than $60 billion in shares in May, the biggest monthly haul ever, as they capitalized on a stock market rally fueled by hopes that the COVID-19 pandemic is subsiding. The likes of Southwest Airlines Co and cruise operator Carnival Corp have issued new stock to raise money. Major shareholders in companies such as BlackRock Inc and U.S. drugmaker Regeneron Pharmaceuticals Inc have cashed out their stock, with the market rebound far from certain to last.

  • Warren Buffett's Berkshire Hathaway Turns Up Stake in Liberty SiriusXM
    GuruFocus.com

    Warren Buffett's Berkshire Hathaway Turns Up Stake in Liberty SiriusXM

    Guru's firm adds to holding of the satellite radio service’s tracking stock Continue reading...

  • Bloomberg

    JPMorgan’s Traders Race Ahead in the Pandemic

    (Bloomberg Opinion) -- The rising tide of pandemic relief money that’s oiling the wheels of finance has been a boon for those in the business of securities trading. Even as the wild market swings have subsided, activity has been buoyant as central banks and governments pumped trillions into economies. This may turn out to be one of the best environments for investment bankers generally, especially those who are buying and selling shares and bonds, but a standout company is emerging.After a record trading performance in first three months of 2020, JPMorgan Chase & Co. is on course to post a 50% jump in trading revenue in the second quarter, when compared with the same period a year ago, the New York giant’s co-president, Daniel Pinto, said last week. The reserved Argentine banker, who has helped JPMorgan move to the top of Wall Street’s rankings, was “very pleased” by the performance. That tells you how well things are going.Other trading firms are doing well too, although not as handsomely as Pinto’s employer. Bank of America Corp. expects bond- and stock-trading revenue to rise close to 10% in the period; Citigroup Inc. is seeing “very good momentum” in the fixed-income business after a 40% jump in the first quarter. Citi is still playing catch-up with its rivals in equities trading.JPMorgan might also be edging further ahead of its European rivals on their home patch. The bank is the favored dealer in Europe for both interest-rate and credit trading, ahead of Goldman Sachs Group Inc. and Citi, according to a poll of bond investors by Greenwich Associates at the end of April. European banks barely made it into the top three in some of Greenwich’s subcategories on fixed-income trading.“It’s a balance sheet, scale and electronification game now, and the bigger you are, the better you do,” Greenwich Associates said when the report was published. That’s propelling JPMorgan — which spends more than $11 billion a year on technology — ahead of its competitors.America’s biggest bank added 2.5 percentage points to its share of trading revenue among its top peers between 2015 and 2019. It has a 12% share of trading in fixed-income, currencies and commodities, an 11% share of equity trading, and a lead in derivatives. That places it at the center of the world’s financial markets. Its ability to move large volumes of inventory is unrivaled, competitors and clients say.Last year, JPMorgan added 25% to its hedge-fund balances, bringing them to $500 billion, and it has been targeting $1 trillion. This growth in hedge fund clients has allowed it to build its stock-trading business, with equity derivatives powering a surge in revenue. It helps too that borrowers have been tapping the bond markets at a record pace.Crucially, it’s the bank’s market dominance — which lets it take on more risk relative to its size — that appears to have become self-perpetuating. “We don't need to take a huge amount of risk for the franchise to be profitable,” Pinto told a conference last week. “At our scale, the franchise is perfectly profitable. So, the only thing we need to do is to always be in a position where we can monetize the franchise.”For Chief Executive Officer Jamie Dimon, a roaring trading division is just what he needs to make up for the inevitable problems in the lending business caused by the Covid-19 pandemic, with companies and households struggling to repay their loans amid the worst recession in decades. Credit losses will pile up and the decline in U.S. interest rates will erode profit margins in the business over time. JPMorgan’s profitable consumer business won’t be such a cash cow.But when the wave recedes, the Wall Street trading titan could be in a league of its own. The question then becomes: Is that healthy for the banking system? This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Elisa Martinuzzi is a Bloomberg Opinion columnist covering finance. She is a former managing editor for European finance at Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Reuters

    FOCUS-Wall Street and Fed fly blind as coronavirus upends annual stress tests

    Actually, it’s much bigger than that and I am sure the Fed is working hard to get it right. Since the 2009 financial crisis, the Fed has tested annually a snapshot of big bank balance sheets against an extreme hypothetical economic shock. This year, however, the real life economic blow dealt by the pandemic has by several measures exceeded the doomsday scenario the Fed unveiled in February, leading some banks to grumble it may as well scrap the tests this year.

  • Is the Worst of the Coronavirus Behind Us Now?
    Bloomberg

    Is the Worst of the Coronavirus Behind Us Now?

    (Bloomberg Opinion) -- The story of Covid-19 has been pretty bleak, from the scale of the novel coronavirus’s death toll to the pain of draconian lockdowns imposed by, in many cases, unprepared and under-resourced governments.But several weeks after the tentative lifting of tough stay-at-home restrictions in several major European countries, there are reasons to be optimistic about the risk of a second wave of cases — with a dose of appropriate caution.In France, the government is forging ahead with the reopening of bars, restaurants, museums, parks and cross-country travel after the first phase of “deconfinement” went much better than expected. The daily increase in cases here averaged around 0.5% last week, according to Bloomberg data, and the virus’s basic reproduction rate is below 1, according to the French government and other estimates based on hospitalizations.Elsewhere, Italy, Germany and Spain have also avoided serious flare-ups in cases and deaths as restrictions are eased. It’s similar in Austria and Denmark, which lifted lockdowns back in April. Weekly confirmed cases show the continuation of a declining trend. That’s despite people going out and about once again, albeit with face masks and hand gel, and a stay on big-crowd events for now.Retail and recreational footfall in these countries, which was near zero during the lockdown, has recovered to around 50% below the pre-crisis baseline, according to Google data. In parks and public spaces, it’s back to normal. Consumers are even booking flights again. Visions of a radically new society emerging from the rubble of Covid-19 may have to be rethought.There’s no consensus yet on why things are going relatively well. Some experts say the virus itself may have changed, possibly weakened by the summer heat or mutating into a more benign form. Society has changed, too. More social distancing, more handwashing and more testing and contact tracing are proving their worth.Whatever the reason, doctors are increasingly voicing relief and optimism. “Of course, we shouldn’t lower our guard,” French medical professor Frederic Adnet said last week. “But right now, it’s as if the epidemic was behind me.” On Friday, Christian Drosten, a virologist at the Charite University Hospital in Berlin, told Der Spiegel he was confident the outbreak could be kept under control without another lockdown: “There is theoretically a possibility that we can forego a second wave.”None of this means that the virus has disappeared. Areas such as Latin America are still being hit hard. The World Health Organization says the strength of the virus in the developing world indicates we are globally still in the first wave, rather than past it.Nor does it make sense for all countries to lift restrictions to the same extent. Scientists in the U.K., where daily case growth has been higher than in neighboring countries, have expressed concern about curbs being eased too fast. It’s pretty unlikely we are anywhere near herd immunity, and if the virus is a seasonal one, a return in the winter months can’t be ruled out.Still, countries in Europe are proving they can return to some semblance of normal life while containing the virus’s spread, and this is a very positive development. We’re far better prepared to contain “super-spreader” events than at the beginning of the epidemic, when the virus thrived below the surface. Earlier this month, more than 100 infections were traced to a service in a German church, which closed its doors as a result.And economic activity is recovering, as captured by the quite rational rally in financial markets. Bank of America analysts expect key indicators to point to an expanding euro-zone economy by September at the latest.If infections from the novel coronavirus or another one like it do spike again, we will have had more time to keep researching existing drugs for possible treatments, as well as working on the more distant goal of a vaccine. The extra resources being poured into testing, medical research and hospitals should help us avoid the worst of both worlds — high excess deaths and blanket, economy-killing lockdown measures — even if cases climb.The scenario of this virus simply disappearing, perhaps in the way the 2003 SARS disease did, remains a dream. Pandemics usually end when there aren’t enough people left to infect, or when human intervention — through vaccines, or brute-force measures such as isolation or quarantine — scores a decisive victory. We’re not there yet. But the feeling of getting closer is palpable, and worth relishing.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Lionel Laurent is a Bloomberg Opinion columnist covering Brussels. He previously worked at Reuters and Forbes.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Older Crowd Embraces Online Banking, Rewards Firms’ Digital Push
    Bloomberg

    Older Crowd Embraces Online Banking, Rewards Firms’ Digital Push

    (Bloomberg) -- It took a global pandemic to get many baby boomers to bank online. Lenders have taken notice.Over the past two months, Americans flocked to websites and apps to manage their finances as the coronavirus limited access to branches, according industry executives. For JPMorgan Chase & Co., existing online clients are using the offerings more frequently, while Bank of America Corp. found that older customers are seeking out its digital services.“We may have opened some people’s eyes to the future,” Bank of America Chief Executive Officer Brian Moynihan told investors at a conference last week. “We’re just on a relentless push.”The coronavirus has given a boost to digital banking, which entails less paper, greater use of electronic services and fewer in-person meetings. Tech has been viewed by banks as both an offensive and defensive tool. Online services have the potential to bring in customers, help cut costly branches and pare workforces, while also making it harder for new competitors to poach clients with the allure of better technology.In April, 23% of new logins to Bank of America’s online and mobile products were by seniors and boomers, Moynihan said. They also accounted for about 20% of customers who deposited checks using mobile phones for the first time. In its business catering to wealthy people, the use of technology has risen over the last six weeks to levels that the bank projected would take six years, according to Andy Sieg, president of Merrill Lynch Wealth Management.One in four people surveyed by Boston Consulting Group said they plan to use branches less or stop visiting altogether when the crisis is over, according to a global poll from April 13 to April 27. The pandemic sparked 12% of the people polled to enroll in online or mobile banking.“We’ve seen tremendous increases in the frequency of use,” said Mindy Hauptman, a BCG partner based in Philadelphia. “If you talked to someone a year ago, they would have said digital was critical to their future. I think that’s been reinforced and accelerated.”Customers were steered toward online banking for a multitude of reasons, Hauptman said. Many stayed home to comply with government orders, while others weren’t able to visit branches because of closures or limited services. As clients flooded call centers to request payment deferrals and inquire about government relief programs, others opted to go online.“This crisis is accelerating the trend toward digital banking,” Goldman Sachs Group Inc. President John Waldron told the conference last week. That’s translated to a 25% jump in active users on the bank’s institutional platform, while its retail arm, Marcus, has seen a 300% surge in visits for financial articles and videos.But the bank’s move to boost online services hasn’t always been smooth -- it delayed until next year the digital offering for its wealth-management unit.The pace of digital adoption remains uneven. In the April survey, only 16% of respondents in the U.S. said they would use branches less often after the crisis, the lowest of any nation in the survey.“We’re a little surprised of seeing in the consumer business that the folks who are already digital are doing more of it,” said JPMorgan CEO Jamie Dimon. “The folks who aren’t digital aren’t exactly picking it up. And I wish we could find a way to incent them to do that better.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Reuters

    Dubai faces 5.5% recession this year as $10 bln debt repayments loom, BofA says

    Dubai could see a recession of around 5.5% in 2020 as it faces about $10 billion in debt maturities this year while revenues are expected to drop in line with the pattern of the 2009 crisis, Bank of America said in a research note. Measures to stem the spread of the coronavirus have dealt a blow to Dubai's economy, bringing vital industries like tourism and aviation to a near halt. Bank of America estimates that Dubai's fiscal deficit could widen to $4.4 billion, or 3.9% of GDP, and could be as high as 5.3% if interest payments on a loan from Emirates NBD, Dubai's biggest lender, are included.

  • Barrons.com

    Big Hedge Fund Sold Intel and Microsoft Stock. Here Are the 2 Bank Stocks It Bought.

    Brazilian hedge fund Adam Capital Gestão de Recursos slashed positions in Intel and Microsoft stock in the first quarter. It also bought large amounts of JPMorgan and Bank of America stock.

  • Fed's corp bond facility bought 15 ETFs in first days of operations
    Reuters

    Fed's corp bond facility bought 15 ETFs in first days of operations

    The Federal Reserve's new facility for corporate bond purchases bought about $1.3 billion of shares in 15 exchange-traded funds in its first week of operation through 158 trades, data released Friday showed. The Secondary Market Corporate Credit Facility made the purchases from 10 securities firms between its launch on May 12 and May 18, the data showed in the Fed's first detailed disclosure of the SMCCF's transactions. Its largest holding as of May 19 was the iShares Iboxx US Dollar Investment Grade Corporate Bond ETF at $326.3 million.

  • Barrons.com

    Wells Fargo Stock Is Cheap. Why One Analyst Says Not to Buy It.

    D.A. Davidson initiated coverage of the beleaguered bank, slapping a Neutral rating on the stock. It is still in the Federal Reserve’s doghouse, operating under a $2 trillion cap on its assets, although the central bank has temporarily removed the limit so Wells Fargo can make loans under the Paycheck Protection Program. Last year, it named a new chief executive, Charles Scharf, to turn things around.

  • U.S. Consumer Spending Plunges While Stimulus Boosts Incomes
    Bloomberg

    U.S. Consumer Spending Plunges While Stimulus Boosts Incomes

    (Bloomberg) -- U.S. consumer spending plunged in April by the most on record as widespread government lockdowns largely prevented Americans from spending federal stimulus payments in the month.Household outlays fell 13.6% from the prior month, the sharpest drop in more than six decades worth of data, a Commerce Department report showed Friday. The median estimate in a Bloomberg survey of economists called for a 12.8% decline.Incomes posted a record 10.5% increase, compared with estimates for a 5.9% decline, as federal stimulus payments were distributed under the CARES Act, the report said. It showed government social benefits rose by $3 trillion in April, up from a $70.2 billion gain the prior month. That helped drive the personal savings rate to a record 33% from 12.7%.But the rise in income temporarily masks the fact that people are in a fragile economic position, said Michelle Meyer, head of U.S. economics at Bank of America Corp.“Unemployment insurance only offsets less than half of the loss in compensation,” Meyer said. “The reason the numbers look so extreme this month was because of the one-time checks that were sent out -- which won’t be continuing.”A separate report Friday showed consumer sentiment stumbled in late May as pessimism built about the economic outlook. The University of Michigan’s final sentiment index fell to 72.3 from a preliminary reading of 73.7. The coronavirus pandemic halted purchases of all but the most essential goods and services amid the lockdowns, but gradual reopenings nationwide will boost spending in the coming months. Even though the temporary income replacement will help Americans to start spending again, economists expect it will take a year or more before spending recovers to pre-virus levels.U.S. stocks fell as investors weighed the decline in consumer spending and awaited President Donald Trump’s latest response in his escalating feud with China. The yield on 10-year Treasuries sank.The Federal Reserve’s preferred gauge of consumer prices rose 0.5% from a year earlier, the slowest pace since 1961 and far below the central bank’s 2% target. The core price index, which excludes more-volatile food and energy costs, advanced 1%, the least since 2011.Read more:Americans on Jobless Benefits Post First Drop of PandemicGreen Shoots Emerge in World Economy as Virus Lockdowns EaseSalaries Get Chopped for Many Americans Who Manage to Keep JobsFed’s Daly: U.S. Pandemic Shock Longer Than Initially ThoughtIn a contrast with the headline income number, wages and salaries fell 8% from the prior month amid widespread job losses, reductions in hours and pay cuts. The income category of personal current transfer receipts surged 89.6%.A separate report Friday showed U.S. merchandise trade in April slumped to the lowest level in a decade as the pandemic curtailed demand and disrupted supply lines.After adjusting for inflation, spending fell by 13.2% in April, also the most ever, supporting forecasts for gross domestic product to shrink by a record in the April-June period. The main drivers of the monthly decline were spending on food and beverages, restaurants, hotels and health care.(A previous version corrected the third paragraph to show benefit payments were an increase, not a level.)(Adds economist’s comment in fifth paragraph, Michigan sentiment in sixth.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Reuters

    RPT-Crisis-hit Wall Street checks in to Zandi's "impairment studio"

    When Wall Street doesn't know where the world economy is heading, it books a session at Mark Zandi's "impairment studio". Faced with a pandemic-fueled recession with few historical comparisons and a new accounting rule requiring lenders to total up expected losses even before borrowers default, scores of U.S. banks are relying on forecasts from Zandi, the chief economist of Moody's Analytics, to help with their calculations. "It feels like we're in the center of the universe," Zandi, 61, told Reuters.

  • Reuters

    Crisis-hit Wall Street checks in to Zandi's "impairment studio"

    When Wall Street doesn't know where the world economy is heading, it books a session at Mark Zandi's "impairment studio". Faced with a pandemic-fueled recession with few historical comparisons and a new accounting rule requiring lenders to total up expected losses even before borrowers default, scores of U.S. banks are relying on forecasts from Zandi, the chief economist of Moody's Analytics, to help with their calculations. "It feels like we're in the center of the universe," Zandi, 61, told Reuters.

  • U.S. judge orders 15 banks to face big investors' currency rigging lawsuit
    Reuters

    U.S. judge orders 15 banks to face big investors' currency rigging lawsuit

    A U.S. judge on Thursday said institutional investors, including BlackRock Inc <BLK.N> and Allianz SE's <ALVG.DE> Pacific Investment Management Co, can pursue much of their lawsuit accusing 15 major banks of rigging prices in the $6.6 trillion-a-day foreign exchange market. U.S. District Judge Lorna Schofield in Manhattan said the nearly 1,300 plaintiffs, including many mutual funds and exchange-traded funds, plausibly alleged that the banks conspired to rig currency benchmarks from 2003 to 2013 and profit at their expense. "This is an injury of the type the antitrust laws were intended to prevent," Schofield wrote in a 40-page decision.

  • Bank of America CEO Says Q2 Trading Revenue to Rise by Nearly 10%
    Motley Fool

    Bank of America CEO Says Q2 Trading Revenue to Rise by Nearly 10%

    If Brian Moynihan's forecast proves true, the take from the activity might help save the company's quarter.

  • Merrill Edge vs. Vanguard
    Investopedia

    Merrill Edge vs. Vanguard

    Merrill Edge's trading platform is deeply integrated with parent Bank of America's banking capabilities while Vanguard offers its mutual fund clients a few other asset classes.