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☆ A recession is about to hit the US economy. Here are 3 warning signs that defy consensus view, according to Raymond James
▼ + stars: | 2023-10-23 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

A recession is poised to hit the US economy within the next nine months, according to Raymond James. These are the three big warning signs Raymond James is monitoring ahead of a potential recession. These are the three warning signs he is monitoring ahead of a potential recession. Tailwinds that drove strong consumer spending since the pandemic are ending and excess savings have been nearly depleted. All of these risks should ultimately weigh on consumer spending habits as the crucial holiday season approaches.

Persons: Raymond James, Larry Adam, Adam, Brian Moynihan Organizations: Bank of America, Consumers

☆ College jocks earn as much as $220,000 more than their less sporty peers over their career, study shows
▼ + stars: | 2023-10-20 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

College jocks actually become more successful and wealthy than their nerdy peers, a new study finds. Turns out, sporty students earn 3.4% more in their lifetimes and bring home $220,000 more in wages. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The study found that college athletes earned 3.4% more over their careers than non-athletic students and are likely to bring home $220,000 more in cumulative wages, the report said. College athletes were even more likely to be endorsed for management, leadership, and strategic planning skills on LinkedIn, per the study.

Persons: —, NBER, –, They're, Walter Robb, Brian Moynihan, Meg Whitman, Andy Jassy, Jassy, There's, there's Organizations: National Bureau of Economic Research, Ivy League, Service, College, LinkedIn, Stanford University's, Bank of America, Brown University, Hewlett, Packard, Princeton University

☆ Man Who Spread Misinformation on Trump’s Behalf Sentenced to 7 Months
▼ + stars: | 2023-10-18 | by ( Colin Moynihan | ) www.nytimes.com time to read: +1 min

A digital-age dirty-trickster who used Twitter posts that looked like Hillary Clinton ads to spread false information before the 2016 presidential election was sentenced on Tuesday to seven months in prison. But they argued that Mr. Mackey committed a crime days before the election when, using the name Ricky Vaughn, he posted images targeting Black and Latino voters that claimed it was possible to vote by text message. The idea, prosecutors said, was to suppress votes for Mrs. Clinton. One of the images showed a Black woman and another one had a message in Spanish. Both included logos resembling the Clinton campaign’s and fine print attributing them to “Hillary for President.”

Persons: Hillary Clinton, Douglass Mackey, Donald J, Trump, Mackey, Ricky Vaughn, Clinton, “ Hillary, ” Organizations: Twitter

A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. BofA's investment banking and trading units managed to outperform Wall Street expectations as they reported higher revenue, bucking an industry-wide slump. Total investment banking fees rose 2% to $1.2 billion, while sales and trading revenue was up 8% to $4.4 billion in the third quarter. BofA's net interest income (NII) rose 4% in the third quarter to $14.4 billion. BofA's revenue, net of interest expense, increased 3% in the quarter to $25.2 billion.

Persons: Carlo Allegri, Brian Moynihan, BofA, Wells, Manya Saini, Nupur Ananad, Saeed Azhar, Lananh Nguyen, Anil D'Silva Organizations: of America, REUTERS, Bank of America, Federal Reserve, Lending, JPMorgan Chase, Citigroup, Thomson Locations: Manhattan, New York City , New York, U.S, NII, Bengaluru, Nupur, New York

A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. Revenue at BofA's consumer banking unit rose 6% to $10.5 billion in the third quarter. BofA's investment banking and trading units outperformed. Total investment banking fees rose 2% to $1.2 billion, bucking an industry-wide slump. Sales and trading revenue was up 8% to $4.4 billion in the third quarter to its highest in more than a decade.

Persons: Carlo Allegri, Brian Moynihan, BofA, Alastair Borthwick, Borthwick, Wells, Manya Saini, Nupur Ananad, Saeed Azhar, Lananh Nguyen, Anil D'Silva Organizations: of America, REUTERS, Bank of America, U.S, Federal Reserve, Lending, JPMorgan Chase, Citigroup, Thomson Locations: Manhattan, New York City , New York, U.S, NII, Bengaluru, Nupur, New York

☆ Bank of America tops profit estimates on better-than-expected interest income
▼ + stars: | 2023-10-17 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Bank of America topped estimates for third-quarter profit on Tuesday on stronger-than-expected interest income. Bank of America said interest income rose 4% to $14.4 billion, roughly $300 million more than analysts had anticipated, fueled by higher rates and loan growth. Shares of Bank of America rose 1% in premarket trading. Bank of America was supposed to be one of the biggest beneficiaries of higher interest rates this year. Those securities lost value as interest rates climbed.

Persons: Brian Moynihan, Moynihan, That's, —, Alastair Borthwick, Wells, Morgan Stanley Organizations: of America, Revenue, Bank of America, U.S, Treasury, JPMorgan Chase, JPMorgan, Citigroup Locations: LSEG, Charlotte , North Carolina, Wells Fargo

☆ Bank of America CEO Brian Moynihan says consumer activity has slowed down because of higher rates
▼ + stars: | 2023-10-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of America CEO Brian Moynihan says consumer activity has slowed down because of higher ratesBrian Moynihan, Bank of America chairman and CEO, joins 'Squawk on the Street' to discuss how sustainable the company's net interest income growth is, the higher-than-expected cost of deposits, and what's happening with the consumer.

Persons: Brian Moynihan Organizations: Email Bank of America, Bank of America

NEW YORK (AP) — Bank of America posted a 10% rise in third quarter profits Tuesday, helped by higher interest rates that allowed the bank to charge more for loans at the same time that it kept expenses under control. Most of the higher profits came from higher interest rates on loans, with net interest income coming in at $14.4 billion, compared with $13.76 billion a year earlier. BofA saw credit card balances rise to $98 billion in the quarter, compared with $85 billion a year ago. The bank also saw higher charge offs this quarter, or money it doesn't expect to recover from credit card use. The bank saw revenues from stock trading rise 10% to $1.7 billion in the quarter, with zero days of trading losses in the last 90 days.

Persons: Brian Moynihan, BofA, ”, Moynihan Organizations: — Bank of America, FactSet, Investment Locations: Charlotte, N.C

☆ Wall Street prepares to dish economic dirt on US
▼ + stars: | 2023-10-12 | by ( John Foley | ) www.reuters.com time to read: +7 min

They are also among the handful of banks which can buy Treasury debt straight from the central bank. That puts leaders like JPMorgan chief Jamie Dimon at the center of the global financial spiderweb. To be sure, the financial statements that the banks will start to release on Friday will be backward-looking. Interest income will reflect the sharp and continued rise of central bank rates, which drag up the price banks must pay for customer deposits and what they charge for loans. It’s a big economic question, since plastic-related debt in the United States hit a record $1 trillion in August.

Persons: Jamie Dimon, Marco Bello, Brian Moynihan’s, Jane Fraser, Wells Fargo, Dimon, Dean Athanasia, Banks, Wells, Peter Thal Larsen, Sharon Lam Organizations: JPMorgan Chase &, Reuters, REUTERS, JPMorgan, Bank of America, Citigroup, of America, Treasury, Citi, Fraser, Reuters Graphics Reuters, Federal Reserve, Federal, Bank of, Reuters Graphics Reuters Graphics Bank, Alpha, Thomson Locations: Miami , Florida, U.S, Wells Fargo, Wells, United States

Military promotions, including for the chief of naval operations, have been held up by a single senator because of abortion policy. "It could make our response significantly less effective" and imperil aid to both Israel and Ukraine. That followed the sending of a U.S. aircraft carrier strike group and military aircraft closer to Israel as a show of support. The United States is also supplying Israel with munitions and other military supplies, Defense Secretary Lloyd Austin said. "This kind of situation is what many were worrying about, with all the holds on nominations and military promotions.

Persons: Joe Biden's, Israel, Sen, Jack Reed, Israel –, Reed, Laura Blumenfeld, Blumenfeld, Biden, Benjamin Netanyahu, “, Lloyd Austin, Jonathan Lewallen, –, Donald Moynihan, Moynihan, Rand Paul, J.D, Vance, Tommy Tuberville, Tuberville's, Chuck Schumer, …, Gerry Connolly, Lewallen Organizations: Rhode Island, Armed Services Committee, United States Central Command, GOP, Johns Hopkins School, International Studies, State, Palestinian, U.S, Hamas, Defense, University, Tampa, Georgetown University, Senate, Kentucky Republican, Ohio Republican, Alabama Republican, Military, White, New, New York Democrat, Joint Chiefs of Staff, Army, Marine Corps, Virginia Democrat, House Foreign Affairs, MSNBC Locations: Israel, Kuwait, Oman, Lebanon, Egypt, U.S, Palestinian, Ukraine, United States, France, Germany, Great Britain, Kentucky, China, Ohio, Alabama, New York, Virginia

☆ Citigroup has 'no room for bystanders' in reorganization, CEO says
▼ + stars: | 2023-09-29 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +1 min

Jane Fraser CEO, Citi, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2023. REUTERS/Mike BlakeNEW YORK (Reuters) - Citigroup CEO Jane Fraser said on Friday that top employees were on board with the company’s sweeping reorganization, and that there was “no room for bystanders” in the bank’s biggest overhaul in almost two decades. “The case for change is pretty clear - our people want to succeed and our highest performers got behind this very quickly,” Fraser told CNBC. The company began discussions about layoffs soon after announcing the reorganization, sources close to the situation told Reuters this month. Bank of America CEO Brian Moynihan also predicted the economy would achieve a soft landing in comments earlier this week.

Persons: Jane Fraser, Mike Blake NEW, ”, ” Fraser, Fraser, Brian Moynihan Organizations: Citi, Milken, Global Conference, REUTERS, Mike Blake NEW YORK, Citigroup, CNBC, Federal Reserve, Bank of America Locations: Beverly Hills , California, U.S

Bank of America Chairman and CEO Brian Moynihan testifies before a Senate Banking, Housing, and Urban Affairs hearing on "Annual Oversight of the Nation's Largest Banks", on Capitol Hill in Washington, U.S., September 22, 2022. REUTERS/Evelyn Hockstein/File Photo Acquire Licensing RightsNEW YORK, Sept 27 (Reuters) - The Federal Reserve has won the near-term battle against inflation, but interest rates are likely to stay higher for longer, Bank of America's (BAC.N) CEO Brian Moynihan said on Wednesday. "They're winning the fight right now" against inflation, Moynihan said. "The controversy is like I've never seen," said Moynihan, who was headed to Washington after giving his remarks in New York. Reporting by Lananh Nguyen and Saeed Azhar, Editing by Franklin Paul and Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Persons: Brian Moynihan, Evelyn Hockstein, Moynihan, They're, they've, I've, ", Lananh Nguyen, Saeed Azhar, Franklin Paul, Andrea Ricci Organizations: of America, Banking, Housing, Urban Affairs, Capitol, REUTERS, Federal Reserve, Bank of America's, Economic, of New, Industry, Arm Holdings, Thomson Locations: Washington , U.S, of New York, Washington, New York

☆ What Wall Street is telling employees about returning to the office, from Goldman Sachs to JPMorgan and Blackstone
▼ + stars: | 2023-09-04 | by ( Kaja Whitehouse | Michelle Abrego | ) www.businessinsider.com time to read: +11 min

According to Goldman's chief economist, Jan Hatzius, some 25% of all US workers work from home at least part of the week. So, which Wall Street firms are still letting employees work from home at least part of the time? On days employees are in, the firm focuses on taking "advantage of our shared location," it reads. At that time, the firm called for its employees to come into the office a minimum of three days a week. Since then, most employees have been in the office throughout the week, according to a person familiar with the firm.

Persons: Goldman Sachs, David Solomon, Citadel's Ken Griffin, Joe Biden, Jan Hatzius, Hatzius, Jamie Dimon, Goldman, Goldman Sachs Goldman Sachs, —, Dimon, JPMorgan Gretchen Ertl, Jane Fraser, she's, Fraser, they're, Citigroup Patrick, Fallon, Brian T, Moynihan, Bank of America Shannon Stapleton, Reuters Morgan Stanley Morgan Stanley's, James Gorman, Gorman, Gorman doesn't, Morgan Stanley, we're, James Gorman SAUL LOEB, Larry Fink, Larry Fink Spencer Platt, Citadel's Griffin, Griffin, Raj Mahajan, Ken Griffin, Milken, Mike Blake, Blackstone, Stephen Schwarzman Roy Rochlin, Nir Bar Dea, Izzy Englander's Organizations: JPMorgan, Blackstone, Morning, Citadel, Bloomberg, Business, Deloitte, JPMorgan JPMorgan, Goldman, Citigroup, Street, Bank, Economic, Getty Images Bank of America Bank of, Bank of America, Reuters, Getty, BlackRock BlackRock, Yards, Labor, Fox, BlackRock, Citadel Securities, Blackstone Blackstone, Bridgewater Bridgewater Associates, Bridgewater Associates, Bridgewater Locations: Citadel, Davos, Switzerland, New York City

☆ Gang Member Pleads Guilty in Killing of 2 Long Island Teenagers
▼ + stars: | 2023-08-31 | by ( Colin Moynihan | Nate Schweber | ) www.nytimes.com time to read: +1 min

One night in September 2016, two teenage girls were walking down a street in the Long Island hamlet of Brentwood when they were spotted by four members of MS-13, a violent transnational gang with Salvadoran roots. Federal prosecutors said the MS-13 members had set out that evening in a car looking for rival gang members to kill. When they saw Kayla Cuevas, 16, prosecutors added, they recognized her as someone their gang had designated for death after a series of disputes with MS-13 members on social media and at school. They gave the order to kill Kayla and her 15-year-old friend, Nisa Mickens, prosecutors said. One of the gang members in the car, Enrique Portillo, 19, and two younger members then attacked and killed the girls with baseball bats and a machete, prosecutors said.

Persons: Kayla Cuevas, Alexi Saenz, Kayla, Nisa Mickens, Enrique Portillo, Timothy Sini, Portillo Organizations: Suffolk County Police Locations: Long, Brentwood, Suffolk

☆ Dream Jobs in the World of Culture and What You Get for Doing Them
▼ + stars: | 2023-08-25 | by ( Colin Moynihan | ) www.nytimes.com time to read: 1 min

Some come with free luxury housing, or first-class travel, or an allowance for social clubs, as long as business is involved. Many come with deferred compensation and other benefits that can push annual earnings past the $1 million mark. The challenges nonprofit arts organizations have been facing, particularly since the pandemic, have made the job of running one increasingly complex. Those difficulties have also drawn more scrutiny to pay and expenditures, and many arts executives took pay cuts during the pandemic. Here’s a look at their pay and benefits, as drawn from recent tax filings.

☆ The Death of Remote Work? Zoom orders workers to return to office at least twice a week
▼ + stars: | 2023-08-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Death of Remote Work? Zoom orders workers to return to office at least twice a weekLydia Moynihan, The New York Post reporter, joins 'Squawk Box' to discuss the state of remote work, as companies including Zoom are not requiring most employees to work in-person at least two days a week, why the "lazy girl jobs' trend is going viral on TikTok, and more.

Persons: Lydia Moynihan Organizations: The New York Post

☆ Meet Ted Pick, the hard-charging 'deal junkie' who rose to the top at Morgan Stanley the old-fashioned way — and looks poised to succeed James Gorman as CEO
▼ + stars: | 2023-08-01 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +20 min

Employees knew they were getting promoted if Pick told them to wear a tie the following day, an ex-managing director recalled. While Morgan Stanley currently trades at a premium among its Wall Street peers, its enviable success isn't thanks to Pick. Succession has traditionally been a bloody sport on Wall Street, and Morgan Stanley is no exception. Gonzalo Marroquin/Patrick McMullan via Getty Images Show less Morgan Stanley investment management head and dark horse in the race for CEO, Dan Simkowitz. Despite enjoying the stock price gains under Gorman's reign, plenty of longtime employees want another dyed-in-the-wool Morgan Stanley loyalist, according to a former senior executive.

Persons: Morgan Stanley, Ted Pick, Pick, Gucci loafers, Blackstone, Tony James, Morgan, James Gorman, Gorman, Andy Saperstein, Dan Simkowitz, John Mack, Ted, James, Phil Purcell, Mack, Purcell, Merrill Lynch, Paul Taubman, Colm Kelleher, coheads, Gonzalo Marroquin, Patrick McMullan, Saperstein, Euromoney, Parker Gilbert, He's, John, cohead, Bolu, Goldman Sachs, Pablo, tony, Betsey Kittenplan, Smith Barney, James cochairs, Jim Breyer, Anna Wintour, John Mack pranking Pick, John Waldron, Goldman, I'm, Howard Marks, Bill Parcells, atta, Brian Moynihan, aren't, David Solomon, Jamie Dimon's, Eaton Vance, he's, you've, Richard Drew, — Organizations: Employees, Archegos Capital Management, Blackstone, McKinsey, Getty, Middlebury College, China Construction Bank, Harvard Business School, Mitsubishi, Wall, Autonomous Research, Anguilla, Agricultural Bank of China, Capital Management, Metropolitan Museum of Art, Vogue, New York Rangers, Oaktree Capital Management, Bloomberg, Staten, Disney, JPMorgan, Trade, AP Locations: China, Beijing, Manhattan, New York City, Caracas, Venezuela, Brookville, tony Long

☆ Airbnb removed 3 rental vans parked in New York City after neighbors complained of feces and urine outside
▼ + stars: | 2023-08-01 | by ( Monica Humphries | ) www.businessinsider.com time to read: +7 min

Inside each van, guests could find a mattress, a small sink, and a toilet with a sign reading, "For Emergency USE only please! But local residents told the Daily News they saw Airbnb guests using the streets as their restroom. However, that didn't stop Airbnb guests from leaving less-than-positive reviews. Airbnb removed the listings in JulyAccording to the Daily News, the Airbnb host was Magdalena Kulisz, who went by the name Magda Agata on the platform. Another guest gave the listing one star, writing: "This 'van experience' is not a fun experience."

Persons: Airbnb, Airbnbs, Ellen Moynihan, van, Stacey, Magdalena Kulisz, Magda Agata, Kulisz, it's, Sha Kenan, Kenan, Van Camper, Culture62288004542, Tripadvisor Organizations: Service, luxe, New York Daily News, Daily News, Tripadvisor Locals, Daily, Miss Immigrant, Mayor's, Special, Immigrant, Tripadvisor Locations: NYC's, Wall, Silicon, York, New York City, Tripadvisor

NEW YORK, July 27 (Reuters) - Bank of America CEO Brian Moynihan said U.S. authorities need to be careful when implementing new capital requirements of the Basel III accord to avoid reducing the ability of U.S. banks to compete globally. ... We're talking about a $30 or $40 billion bank, or a $100 billion bank, not being able to compete for a middle market loan because a bank or a supplier in Europe ... is getting a lower cost of capital", Moynihan added. U.S. banking regulators are expected to unveil on Thursday a sweeping proposal for stricter bank capital requirements. While the precise details aren't yet known, regulators have said the rules will apply to banks with $100 billion in assets or more. Bank of America expects a "slight" recession in the first part of next year and predicts the first interest rate cut will happen by mid-2024.

Persons: Brian Moynihan, Moynihan, JPMorgan, Jonathan Stempel, Tatiana Bautzer, David Goodman, Chizu Organizations: YORK, Bank of America, Basel III, Fox Business, Pacwest Bancorp, JPMorgan Chase, Thomson Locations: Basel, U.S, Europe, Banc, California

☆ US bank regulators announce sweeping proposals on capital rules
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +4 min

WASHINGTON, July 27 (Reuters) - U.S. regulators unveiled a sweeping overhaul Thursday that would direct banks to set aside billions more in capital to guard against risk. If fully implemented, the proposal would raise capital requirements for large banks by an aggregate 16% from current levels, with the brunt felt by the largest and most complex firms, regulators said. Here are key quotes about the proposal:FINANCIAL SERVICES FORUM CEO KEVIN FROMER"There is no justification for significant increases in capital at the largest U.S. ANDY DUANE, ATTORNEY AT POLUNSKY BEITEL GREEN "Raising capital requirements could see regional banks shift away from mortgage lending. Even larger bank lenders could continue to retreat from mortgage lending or impose sharp increase in fees passed along to borrowers."

Persons: KEVIN FROMER, RICK MECKLER, CHERRY, MAYRA RODRIGUEZ VALLADARES, KENNETH BENTSEN, BRIAN MOYNIHAN, ANDY DUANE, GREG BAER, Pete Schroeder, Matt Tracy, Tatiana Bautzer, Nupur Anand, Sinead Carew, Lananh Nguyen, Nick Zieminski Organizations: Regulators, NEW VERNON, NEW, MRV, AMERICA, FOX, Thomson Locations: U.S, CHERRY LANE, NEW JERSEY, Basel, United States, Washington, New York

☆ Business conditions are expected to improve as inflation slows
▼ + stars: | 2023-07-24 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —American businesses are expected to fare better in the coming months, according to a survey of economists and analysts released Monday. A survey from the National Association for Business Economics released Monday showed that businesses have rejoiced in better economic conditions. Meanwhile, a majority of respondents reported that wages at their firms were unchanged — the first time more economists reported no wage gains than rising wages since 2021. The Fed doesn’t necessarily need a recession to do that, but some research suggests the labor market must cool further. The labor market is closely watched by Fed officials since higher labor costs feed into inflation.

Persons: haven’t, ”, Julia Coronado, Austan Goolsbee, cooldown, Brian Moynihan, bode Organizations: DC CNN, Federal Reserve, University of Michigan’s, Consumers, National Association for Business, Employers, Chicago Fed, Bank of America, Bureau of Labor Statistics, National Federation of Independent, Fed Locations: Washington

☆ New York to Pay $13 Million Over Police Actions at George Floyd Protests
▼ + stars: | 2023-07-20 | by ( Colin Moynihan | ) www.nytimes.com time to read: +1 min

On the evening of June 2, 2020, Sabrina Zurkuhlen joined a protest march on the West Side Highway that was spurred by the death of George Floyd in Minneapolis eight days earlier. An officer pointed at her, the lawsuit said, lunged at her, knocked the phone from her hands and began striking her with a baton as he tackled her. That summons was later dismissed, the suit said, adding that she never recovered her phone. On Wednesday, the City of New York agreed to pay about $13.7 million to settle the class-action suit, which said that unlawful police tactics had violated the rights of protesters over several days in late May and early June of 2020. officers” at 18 specific locations in Manhattan and Brooklyn.

Persons: Sabrina Zurkuhlen, George Floyd, Zurkuhlen, lunged, “, N.Y.P.D, ” Organizations: Court Locations: Minneapolis, Vesey, Manhattan, City of New York, Brooklyn

☆ Premarket stocks: Bank CEOs are already complaining about new regulations they haven't even seen yet
▼ + stars: | 2023-07-19 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Investors, worried about the economic atmosphere and the recent regional banking collapse, breathed a sigh of relief at the results. Jamie Dimon, head of JPMorgan Chase, commented on the bank’s Friday earnings call that non-bank financial rivals were “dancing in the streets” as regulators get ready to increase bank capital requirements. “This is great news for hedge funds, private equity, private credit, Apollo, Blackstone,” Dimon said of the proposed regulations. The change, they say, will increase the financial system’s resilience following the failures of three regional banks earlier this year. “The capital in the industry is sufficient,” said Bank of America CEO Brian Moynihan on his company’s earnings call Tuesday morning.

Persons: Jamie Dimon, JPMorgan Chase, ” Dimon, ”, Jeremy Barnum, Barnum, don’t, Brian Moynihan, “ They’ve, Morgan Stanley, James Gorman, Elizabeth Warren, Richard Blumenthal, Tammy Duckworth, Martin Gruenberg, “, Taylor Marr, That’s, they’re, Bryan Mena, Neil Saunders Organizations: CNN Business, Bell, New York CNN, Silicon Valley Bank, JPMorgan, Blackstone, of America, CNBC, Valley Bank, Signature Bank, Federal Deposit Insurance, Redfin, Retail, Commerce Department Locations: New York, Silicon, Basel, Massachusetts, Elizabeth Warren , Connecticut

INVESTMENT BANKING GAINSInvestment banking was a standout, with net income surging 76% to $2.7 billion. The gains were driven by higher interest payments and leasing revenue, the company said. In another surprise bright spot, the bank's sales and trading revenue outperformed expectations to post a 3% increase in revenue to $4.3 billion. Revenue from fixed income, currencies and commodities trading rose 7% to $2.7 billion from a year earlier. The financial health of consumers underpins BofA's consumer banking unit, where revenue rose 15% to $10.5 billion.

Persons: Wells, Brian Moynihan, David Fanger, BofA, Alastair Borthwick, Borthwick, Manya Saini, Saeed Azhar, Lananh Nguyen, Anil D'Silva, Nick Zieminski Organizations: YORK, Bank of America's, Wall, U.S, . Bank of America, JPMorgan Chase, Federal Reserve, " Bank of America's, Investment, Bank of America, Thomson Locations: U.S, dealmaking, Bengaluru, New York

☆ Watch CNBC’s full interview with Bank of America CEO Brian Moynihan
▼ + stars: | 2023-07-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with Bank of America CEO Brian MoynihanBrian Moynihan, Bank of America CEO, joins CNBC’s Leslie Picker and 'Power Lunch' to discuss earnings, health of the consumer, investment banking and trading.

Persons: Brian Moynihan Brian Moynihan, Leslie Picker Organizations: Bank of America

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