BAC - Bank of America Corporation

NYSE - NYSE Delayed Price. Currency in USD
27.93
-0.11 (-0.39%)
At close: 4:00PM EDT

27.96 +0.05 (0.18%)
Pre-Market: 8:01AM EDT

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Previous Close28.04
Open28.01
Bid27.94 x 21500
Ask28.07 x 38800
Day's Range27.79 - 28.22
52 Week Range22.66 - 31.91
Volume32,519,537
Avg. Volume54,110,914
Market Cap265.564B
Beta (3Y Monthly)1.66
PE Ratio (TTM)10.38
EPS (TTM)2.69
Earnings DateJul 17, 2019
Forward Dividend & Yield0.60 (2.26%)
Ex-Dividend Date2019-06-06
1y Target Est33.50
Trade prices are not sourced from all markets
  • Bank of America (BAC) Stock Sinks As Market Gains: What You Should Know
    Zacks14 hours ago

    Bank of America (BAC) Stock Sinks As Market Gains: What You Should Know

    In the latest trading session, Bank of America (BAC) closed at $27.93, marking a -0.39% move from the previous day.

  • The Berkshire Hathaway Portfolio: All 48 Buffett Stocks
    Kiplinger16 hours ago

    The Berkshire Hathaway Portfolio: All 48 Buffett Stocks

    When folks think of the Berkshire Hathaway (BRK.B) portfolio and its collection of holdings, most of which were selected by Chairman and CEO Warren Buffett, the companies that most readily come to mind are probably American Express (AXP), Coca-Cola (KO) and, more recently, Apple (AAPL).But a deep dive into Berkshire Hathaway's equity holdings reveals a more complicated picture.Berkshire Hathaway held positions in 48 separate stocks as of March 31, according to regulatory filings with the Securities and Exchange Commission. But the portfolio of "Buffett stocks" isn't as diversified as the number might suggest. In some cases, BRK.B holds more than one share class in the same company. Some holdings are so small as to be immaterial leftovers from earlier bets the Oracle of Omaha has yet to completely exit.And perhaps most importantly, Berkshire Hathaway's equity portfolio is actually pretty concentrated. The top six holdings account for almost 70% of the portfolio's total value. The top 10 positions comprise nearly 80%. Banks and airlines, to cite a couple of sectors, carry quite a load in this portfolio. Then there's the fact that several Buffett stocks actually were picked by portfolio managers Todd Combs and Ted Weschler.Here, we examine each and every holding to give investors a better understanding of the entire Berkshire Hathaway portfolio. SEE ALSO: The 19 Best Stocks to Buy for the Rest of 2019

  • Wells Fargo, Bank of America bringing down payment assistance programs to Baltimore
    American City Business Journals17 hours ago

    Wells Fargo, Bank of America bringing down payment assistance programs to Baltimore

    Wells Fargo and Bank of America, two of the largest banks in Greater Baltimore, will provide millions for down payment assistance grants to low- and moderate-income homebuyers.

  • Private Deal for Sotheby's Pushes Art Market ‘Underground’
    Bloomberg19 hours ago

    Private Deal for Sotheby's Pushes Art Market ‘Underground’

    (Bloomberg) -- Like masterpieces by Van Gogh, Picasso and Rothko, the storied auction house Sotheby’s is slipping into wealthy private hands, in a $2.7 billion deal that will reshape the global art market.Billionaire Patrick Drahi agreed to buy the 275-year-old firm, ending Sotheby’s three decades as a public company. Drahi, a disciple of media mogul John Malone, is seizing on the upheavals that have shaken the centuries-old auction model.The deal announced Monday pulls the inner workings of the art market even deeper into the shadows. As a private company, Sotheby’s will no longer be required to disclose quarterly results, which had put it at a competitive disadvantage compared with arch-rival Christie’s, owned by another French billionaire, Francois Pinault. Those periodic reports also provided a “public bellwether” for the art market with insight into margins, executive compensation, strategy, capital allocation and the stock’s reaction to major economic and political forces, said Evan Beard, an art-service executive at Bank of America Corp.“That all goes underground now,” Beard said. “It’s a transparency shift."Investors including Dan Loeb’s Third Point hedge fund, Sotheby’s second-biggest shareholder, will receive $57 in cash for each share of Sotheby’s common stock, the New York-based auction house said Monday in a statement. The offer represents a 61% premium to Friday’s closing price.Sotheby’s shares had dropped 40% in the past year as the company grappled with higher costs and shrinking margins even as masterpieces and contemporary works set auction records. Drahi, 55, is chairman of Altice Europe NV, a publicly traded telecommunications firm with more than 30 million customers. He’s worth $8.6 billion and the sixth-richest person in France, according to the Bloomberg Billionaires Index."It’s a trophy acquisition," said Franck Prazan, owner of Applicat-Prazan gallery, who was a managing director at Christie’s France when Pinault bought the company. “These auction houses aren’t really meant to be publicly traded, and they’re better off being owned by a personal fortune. The profitability of a publicly traded auction house is extremely volatile.”Bold dealmaking is well in character for Drahi, who single-handedly built a global telecom behemoth in the span of two decades through relentless acquisitions and an embrace of debt. The Moroccan-born Frenchman, who’s also an Israeli citizen, is said to have proposed to his wife within an hour of meeting her. He harbored ambitions of one day running a global company. Realizing that goal could take decades to materialize if he stayed on the corporate track, he quit his first job with a Dutch satellite firm and founded his own cable businesses with the help of a student loan.Cutthroat CompetitionIn 2016, in a $17.8 billion deal, Altice acquired Cablevision Systems Corp., where Sotheby’s Chief Executive Officer Tad Smith honed his managerial skills before taking the reins at Madison Square Garden Co.Altice Europe’s main asset is SFR, a French telecommunications company. The business is finally returning to growth after years of customer losses amid cutthroat competition. Shares of Altice Europe have advanced about 70% this year, though they remain more than 50% below their 2015 peak.Drahi’s takeover would mean that French citizens will own the world’s two major auction houses. Pinault, the founder of Paris-based luxury goods giant Kering SA, initially acquired a stake in Christie’s two decades ago from British billionaire Joe Lewis.“It was ripe for Sotheby’s to go private,” said former Christie’s executive Philip Hoffman, now CEO of the Fine Art Group. “Christie’s has more advantages being run privately and not having public quarterly reporting that puts pressure on their ability to do deals.”The branding potential of Sotheby’s had attracted investors including Loeb, whose Third Point hedge fund is the second-largest shareholder, with a 14.3% stake.Loeb joined the board in 2014 after a bitter proxy fight, and senior managers were replaced soon after. Investments in technology and advisory services followed -- as well as significant milestones, such as the sale of a Jean-Michel Basquiat painting for $110 million in 2017. Still, Sotheby’s has consistently trailed Christie’s in annual sales.“Today’s sale price affirms the value we saw when we first invested in Sotheby’s, and rewards long-term investors like Third Point who believed in its potential,” Loeb said Monday in a email.To contact the reporters on this story: Katya Kazakina in New York at kkazakina@bloomberg.net;Angelina Rascouet in Paris at arascouet1@bloomberg.net;Devon Pendleton in New York at dpendleton@bloomberg.netTo contact the editors responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, ;Alan Goldstein at agoldstein5@bloomberg.net, Peter EichenbaumFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Credit Suisse Sees Melt-Up Risk Two Weeks After Cutting Stocks
    Bloombergyesterday

    Credit Suisse Sees Melt-Up Risk Two Weeks After Cutting Stocks

    (Bloomberg) -- Two weeks after scrapping their overweight recommendation for equities, Credit Suisse Group AG strategists are saying that the risks are now tilted to the upside.“On balance, we think there is more risk of a ‘melt-up’ than a meltdown, and find that we are more positive than most of the clients we meet,” analysts led by Andrew Garthwaite said in a note to clients on Monday.To be fair, the strategists expect the MSCI All Country World Index to rise just 6% by year-end and hesitate to make a stronger call until there’s more clarity surrounding trade talks, economic data and earnings revisions. But softer monetary policy in addition to a bet that earnings growth will recover is making Credit Suisse optimistic that equities can go higher.The analysts said that many investors may be undervaluing stocks as more than 40% of clients it surveyed in May didn’t pay attention to the appeal of valuations based on so-called equity risk premium. That’s the potential excess return for investing in shares over risk-free assets. According to the broker, equity valuations are “much more attractive” from a risk premium perspective rather than from a price-to-earnings standpoint.Credit Suisse joins the likes of Bank of America Merrill Lynch, which on Friday said that investors’ short positioning and exodus from stocks, which has reached about $152 billion this year, is a contrarian bullish indicator. Since the Swiss broker removed its tactical overweight on stocks in early June, global equities have gained 3.7% as traders embraced the U.S. Federal Reserve’s openness to rate cuts.Haven SearchAt the same time, the rally in defensive shares has continued this month along with bond fund inflows, signaling that investors are searching for havens. This week should provide more clarity on the market’s direction as the Federal Reserve, the Bank of Japan and the Bank of England all set monetary policy.Meanwhile, friction between the U.S. and Iran, clashes in Hong Kong and uncertainty over a G-20 meeting between President Donald Trump and China’s Xi Jinping mean that the gains in stocks stand on thin ice.But for now, the Swiss broker recommends playing the upside risk by being overweight European non-financial cyclicals, which suffer from bearish economic growth predictions, as well as U.S. growth stocks. Both asset classes tend to outperform most of the time when the Federal Reserve cuts rates, Credit Suisse said.\--With assistance from James Cone.To contact the reporter on this story: Ksenia Galouchko in London at kgalouchko1@bloomberg.netTo contact the editors responsible for this story: Blaise Robinson at brobinson58@bloomberg.net, Jon Menon, Paul JarvisFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • THE LIST: Charlotte's highest-paid public company executives
    American City Business Journalsyesterday

    THE LIST: Charlotte's highest-paid public company executives

    CBJ's most recent Top 50 list ranks Charlotte-area public company executives by total compensation.

  • Top Technical Indicators For Rookie Traders
    Investopedia2 days ago

    Top Technical Indicators For Rookie Traders

    Choosing the right indicators can be a daunting task for novice traders. It’s a much easier process when they focus their effects into five categories.

  • Markit3 days ago

    See what the IHS Markit Score report has to say about Bank of America Corp.

    Bank of America Corp NYSE:BACView full report here! Summary * Perception of the company's creditworthiness is neutral * Bearish sentiment is low * Economic output for the sector is expanding but at a slower rate Bearish sentimentShort interest | PositiveShort interest is extremely low for BAC with fewer than 1% of shares on loan. This could indicate that investors who seek to profit from falling equity prices are not currently targeting BAC. Money flowETF/Index ownership | NeutralETF activity is neutral. ETFs that hold BAC had net inflows of $4.43 billion over the last one-month. While these are not among the highest inflows of the last year, the rate of inflow is increasing. Economic sentimentPMI by IHS Markit | NegativeAccording to the latest IHS Markit Purchasing Managers' Index (PMI) data, output in the Financials sector is rising. The rate of growth is weak relative to the trend shown over the past year, however, and is easing. Credit worthinessCredit default swap | NeutralThe current level displays a neutral indicator. BAC credit default swap spreads are within the middle of their range for the last three years.Please send all inquiries related to the report to score@ihsmarkit.com.Charts and report PDFs will only be available for 30 days after publishing.This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.

  • Barrons.com4 days ago

    How Merrill Lynch Is Adding Lots of New Clients

    The head of Merrill Lynch Wealth Management says automation and model portfolios have freed up advisors to recruit new households.

  • Fed Cut Looks Less Urgent After Pickups at Stores, Factories
    Bloomberg4 days ago

    Fed Cut Looks Less Urgent After Pickups at Stores, Factories

    Some researchers boosted forecasts for second-quarter economic growth following the reports. Less upbeat numbers for payrolls and inflation in the past week led many investors to increase bets that the Fed will lower borrowing costs in the next couple of months. “Today’s report was a bit of relief for the Fed. It takes out a sense of urgency for them to act,” Michelle Meyer, head of U.S. economics at Bank of America Corp., said after the retail figures.

  • Business Wire4 days ago

    Merrill Edge® Report Finds Nearly 9 in 10 Americans Believe How They Manage Their Money Would Make Their Parents Proud

    Bank of America today announced findings from the latest Merrill Edge® Report, which reveals people are feeling simultaneously optimistic and overwhelmed by their finances. Merrill is committed to empowering clients and helping them plan for the future at every age and in every stage of their financial lives through a combination of tools, people and know-how across Merrill Edge Self-Directed, Merrill Guided Investing, and Merrill Lynch Wealth Management.

  • 5 Top Investors Who Profited From the Global Financial Crisis
    Investopedia4 days ago

    5 Top Investors Who Profited From the Global Financial Crisis

    The recommendation to "buy when there's blood in the streets" has been attributed to more than one rich businessman but is a solid approach to creating substantial wealth. With that, below are five investors who demonstrated remarkable timing by making big investments during the credit crisis and are well on their way to huge gains as a result. In October 2008, Warren Buffett published an article in The New York Times op-ed section declaring he was buying American stocks during the equity downfall brought on by the credit crisis.

  • Exclusive: Inspired by Apple stores, big bank adds Bay Area branches
    American City Business Journals5 days ago

    Exclusive: Inspired by Apple stores, big bank adds Bay Area branches

    Branch expansion is high on the agenda at HSBC, with plans to open up to 50 branches nationally over the next few years.

  • Broadcom Results to Give Clear Insight Into Trade War Impact
    Bloomberg5 days ago

    Broadcom Results to Give Clear Insight Into Trade War Impact

    (Bloomberg) -- Wall Street was feeling pretty good about Broadcom Inc. in mid-March as its semiconductor business appeared to be turning the corner and Chief Executive Officer Hock Tan saw “meaningful growth” in the second half of the year.A lot has changed since then.Trade relations between the U.S. and China have soured. One of Broadcom’s biggest customers was banned from buying American components. Spending on data centers has remained sluggish. So the big question on analysts’ minds heading into Thursday’s post-market earnings report is whether Tan’s prediction for the latter part of 2019 remains intact.In the past four weeks, the average analyst estimate for third-quarter revenue fell by about $50 million to $6.1 billion, while expectations for adjusted profit fell by 5 cents to $5.71 a share, according to data compiled by Bloomberg. With the stock down 13% from an April 17 record, some on Wall Street see potential for the stock to rally as expectations have fallen.“We view AVGO shares as attractive ahead of earnings given what appears to be lower expectations and our belief that the company’s longer-term growth and profitability prospects remain solid,” MKM Partners analyst Ruben Roy wrote in a research note on Monday, referring to Broadcom by its ticker symbol.The San Jose, California-based company’s products and global customer base make its results a key indicator for how trade tensions are affecting the semiconductor industry. Almost half of Broadcom’s revenue last year was linked to China. Huawei Technologies Co., which the U.S. government is blacklisting, purchases Broadcom switch chips that are a key component of the Chinese company’s networking gear.Broadcom is also a major supplier of chips to Apple Inc. and recently signed an agreement with the iPhone maker to extend that relationship. Analysts and investors use the chipmaker’s commentary on the wireless market to get a window into demand in the smartphone market.Bank of America analysts led by Vivek Arya reiterated their buy rating on Broadcom on Monday, saying the effects of the Huawei ban and macroeconomic risks are “well expected.”“Key focus will be commentary on second half recovery, cloud capex spending and smartphone unit trends,” they wrote in a research note.Broadcom shares fell as much as 0.8% Thursday. Options prices imply a 6.9% move in the shares after the post-market earnings release, compared with an average 4.5% following the past eight reports, according to data compiled by Bloomberg.Just the Numbers2Q adjusted EPS from continuing operations estimate $5.15 (range $4.73 to $5.46)2Q adjusted net revenue estimate $5.67 billion (range $5.45 billion to $5.91 billion) 2Q adjusted gross margin estimate 70.6% 2Q semiconductor solutions revenue estimate $4.28 billion 2Q infrastructure software revenue estimate $1.36 billion 3Q adjusted net revenue estimate $6.11 billion (range $5.80 billion to $6.30 billion) 3Q adjusted gross margin estimate 69.6% FY adjusted net revenue estimate $24.31 billion (range $23.68 billion to $24.70 billion); forecast $24.5 billionData26 buys, 12 holds, 0 sells Avg PT $320.20 (14.2% upside from current price) Implied 1-day share move following earnings: 7.0% Shares rose after 8 of prior 12 earnings announcements Adjusted EPS beat estimates in 12 of past 12 quarters Quarter dividend BDVD est. $2.65 per share, year ago reported $1.75; next declaration date June 13, 2019 TimingEarnings release expected June 13 after market close Call 5pm (New York time), 866-310-8712 password: 3044229 Conference call website(Updates with today’s trading in ninth paragraph.)To contact the reporters on this story: Jeran Wittenstein in San Francisco at jwittenstei1@bloomberg.net;Ian King in San Francisco at ianking@bloomberg.netTo contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Richard Richtmyer, Alistair BarrFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • The Zacks Analyst Blog Highlights: Microsoft, Facebook, Bank of America, American Express and Deere
    Zacks5 days ago

    The Zacks Analyst Blog Highlights: Microsoft, Facebook, Bank of America, American Express and Deere

    The Zacks Analyst Blog Highlights: Microsoft, Facebook, Bank of America, American Express and Deere

  • Business Wire5 days ago

    Bank of America Declares Preferred Dividends

    Bank of America Corporation today announced the Board of Directors has authorized regular cash dividends on the outstanding shares or depositary shares of the following series of p

  • State Street Lowers Revenue Outlook for 2Q19 on Rate Cut
    Zacks5 days ago

    State Street Lowers Revenue Outlook for 2Q19 on Rate Cut

    Given the chances of a Fed rate cut early next month, State Street (STT) reduces revenue expectation for the second quarter of 2019.

  • A New Way to Hedge CLO Risk Is Here. It’s More CLOs.
    Bloomberg5 days ago

    A New Way to Hedge CLO Risk Is Here. It’s More CLOs.

    (Bloomberg Opinion) -- The best way to hedge a portfolio of collateralized loan obligations might just be with a new type of CLO structure. No, seriously.Credit Suisse is taking a cue from the U.S. Treasury and mortgage-bond markets and splitting the safest portions of CLOs into two parts: one that pays only interest and another that’s mainly principal. Bloomberg News’s Adam Tempkin saw a presentation from the bank on the structure, known as Mascot, for modifiable and splittable/combinable tranches. In it, the bank argues that the interest-only portion in particular has “the potential to be the cheap hedge a bondholder can construct for a CLO portfolio.”On its face, this looks like peak Wall Street. Spitting up CLOs, which themselves are bundles of leveraged loans, and offering them as a way for investors to protect against large declines in credit markets? Perhaps this is little more than bankers getting creative to get deals done when the alarm over growth in risky corporate borrowing is becoming harder to ignore.Obviously, if you believe that the $1.3 trillion leveraged lending market will eventually face a day of reckoning, and CLOs will go the way of the pre-crisis CDOs, then this sort of structure is probably of little interest. However, as I’ve written before, that seems unlikely to happen for a number of reasons, even if Moody’s Investors Service considers loan covenants to be about the weakest on record. Most likely, as Bank of America Chief Executive Officer Brian Moynihan said, the economy will slow down “and then the usual carnage goes on.” A typical level of losses wouldn’t hit the top-rated segments of CLOs, which famously never defaulted, even at the heights of the financial crisis.So credit-market bloodbath aside, this new CLO innovation might make sense after all.The appeal of Mascot hinges on the fact that asset managers who issue CLOs can typically refinance starting two years after they sold them. This option is extremely valuable to borrowers. If credit spreads tighten during that period, they can come to market again and get cheaper funding. If spreads widen, well, they’ve already locked in cheaper funding.On the flip side, this refinancing option is something of a lose-lose for investors because the CLO issuer will effectively do the exact opposite of what they’d prefer. Conditions that encourage refinancing, by definition, mean buyers will have to reinvest at tighter spreads and accept reduced returns. As spreads widen, investors are stuck holding on to lower-yielding securities. Neither of these outcomes is detrimental, to be sure, but it can be frustrating.The Mascot structure, when used as a hedge, would smooth out those binary outcomes. In particular, with investors increasingly fretting about a turn for the worse in the credit cycle, the interest-only portions could serve as a useful counterbalance to CLOs, in what Tempkin called “disaster protection”:An interest-only portion of a CLO grows more valuable to investors the longer it pays interest, which is linked to how long the CLO remains outstanding. That’s what makes it a good hedge when times are getting worse for corporate borrowers: When credit spreads widen, CLOs are less likely to be refinanced, lifting the value of the interest-only portion.Credit Suisse’s pitch of the interest-only portions as a hedge naturally raises the question: What about the mainly principal part? After all, it would stand to lose at a more precipitous pace than typical CLOs when credit spreads widen (just as it would appreciate faster if they tighten). Investors apparently are allowed to exchange the original bond for any combination of the stripped portions they want, and in any combination. Given that regulators are pretty much in the dark about the leveraged-loan market as it is, the prospect of adding another layer on top of CLOs might not be the most welcome news. About 85% of the loans are held by non-banks, but, as the Mascot structure makes clear, banks like Credit Suisse still play a large role. As Bloomberg News’s Sally Bakewell and Thomas Beardsworth pointed out in an article this week, “not only do they underwrite the loans, they also sell the loans to the CLOs that the debt is bundled into, invest in the securities and then hedge those risks in the market.”For now, the insatiable demand for leveraged loans and CLOs appears to be cooling, given that the Federal Reserve is no longer raising interest rates and in fact appears closer than ever to cutting them for the first time in more than a decade. That’s actually realigning incentives in the market: Bloomberg News’s Cecile Gutscher and Charles Williams reported last month that CLO managers are taking on more risk themselves — through larger first-loss equity pieces —  to do their deals, which in effect is bringing back the skin-in-the-game rules that were abolished last year.  As for the CLO splitting, whether it catches on more broadly is anyone’s guess. Tempkin reported that the structure was recently used on deals from Rothschild & Co.’s Five Arrows unit and LibreMax Capital’s Trimaran Advisors. If it’s anything like the $15.9 trillion Treasury market, it’ll remain relatively niche. There were about $303 billion U.S. Treasury Strips outstanding as of May 31. Just as the Strips market isn’t all that liquid, some investors wonder whether the same will be true of the divided CLOs.At the very least, it’s an interesting quirk in the leveraged lending market. Hedge CLOs with parts of other CLOs — it sounds bizarre, but it just might work.To contact the author of this story: Brian Chappatta at bchappatta1@bloomberg.netTo contact the editor responsible for this story: Daniel Niemi at dniemi1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Bloomberg6 days ago

    Bank of America Plans to Concentrate Manhattan Staff at Midtown Hub

    The company is starting renovations on the HBO building and three floors of the Grace Building across from its 55-story tower at One Bryant Park in midtown Manhattan, it said in a statement Wednesday. When the project is completed by 2022, a large portion of the bank’s 13,000 New York employees will be at six properties clustered around Avenue of the Americas. The new offices will include flexible workspaces, a wellness center and dining and training facilities, and will incorporate solar technology and recycled materials, Bank of America said.

  • Report: Skanska to sell majority stake in Bank of America Tower
    American City Business Journals6 days ago

    Report: Skanska to sell majority stake in Bank of America Tower

    Just weeks after announcing the name of downtown Houston’s newest skyscraper, New York-based Skanska USA Commercial Development reportedly plans to sell a majority stake in the 35-story Bank of America Tower.

  • Top Research Reports for Microsoft, Facebook & Bank of America
    Zacks6 days ago

    Top Research Reports for Microsoft, Facebook & Bank of America

    Top Research Reports for Microsoft, Facebook & Bank of America

  • BB&T, SunTrust reveal new name for merging bank
    American City Business Journals6 days ago

    BB&T, SunTrust reveal new name for merging bank

    The soon-to-merge BB&T Corp. (NYSE: BBT) and SunTrust Banks Inc. (NYSE: STI) has a new name — Truist Financial Corp. "We're excited because we really think we can redefine the client experience and really create a meaningful change in the community," said BB&T Chief Executive Kelly King. King said he believes this brand is a way for the new entity to build on the heritages of BB&T and SunTrust while also positioning the new bank for the future. BB&T and SunTrust announced in February their plans to merge in an all-stock deal valued at about $66 billion.

  • The battle of US banking giants could be won in Charlotte
    Yahoo Finance6 days ago

    The battle of US banking giants could be won in Charlotte

    Charlotte, North Carolina is the focal point of a brewing war between the big banks, as BB&T and SunTrust merge and giants Chase and U.S. Bank move in.

  • Business Wire6 days ago

    Bank of America to Concentrate New York City Presence in Midtown

    Bank of America today announced that it is concentrating its New York City presence in midtown Manhattan near its New York City headquarters building at One Bryant Park. Its new development will include the HBO Building at 1100 Avenue of Americas and three floors of space in the Grace Building at 1114 Avenue of Americas. “These investments will create an integrated and innovative workspace and allow for even greater collaboration across our teams,” said Anne Walker, market president for Bank of America in New York City. When renovations are completed, a large portion of the bank’s 13,000 New York City-based employees will occupy these midtown Manhattan locations.