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July 18 (Reuters) - Bank of America (BAC.N) beat Wall Street estimates for second-quarter profit on Tuesday as it earned more from customers' loan payments, while its investment banking business fared better than expected. The bank reported a 7% rise in investment banking fees to $1.2 billion, driven by higher interest payments and leasing revenue, the company said. The bank reported a profit of 88 cents per share in the second quarter, beating analysts' average expectations of 84 cents, according to IBES data from Refinitiv. BofA's net interest income (NII) rose 14% to $14.2 billion in the second quarter. The financial health of consumers underpins BofA's consumer banking unit, whose revenue rose 15% to $10.5 billion.

Persons: Brian Moynihan, Wells, JPMorgan Chase's, Jeremy Barnum, Manya Saini, Saeed Azhar, Lananh Nguyen, Anil D'Silva Organizations: Bank of America, JPMorgan Chase, Federal Reserve, JPMorgan, U.S, Thomson Locations: U.S, Refinitiv, dealmaking, Bengaluru, New York

☆ Earnings playbook: Netflix and Tesla are set to report this week as reporting season ramps up
▼ + stars: | 2023-07-16 | by ( Fred Imbert | ) www.cnbc.com time to read: +8 min

Tuesday Bank of America is set to report earnings before the bell, followed by a call at 8:30 a.m. Morgan Stanley is set to report earnings in the premarket, with a conference call slated for 9:30 a.m. Wednesday Goldman Sachs is set to report earnings before the market opens, followed by a call at 9:30 a.m. Tesla is set to report earnings after the close, with a call slated for 5:30 p.m. What history shows: Netflix earnings have exceeded earnings expectations in seven of the last 10 quarters, FactSet data shows.

Persons: Wells, Keith Horowitz, Morgan Stanley, Morgan Stanley's, BofA's Ebrahim Poonawala, Morgan, Goldman Sachs, Marcus, Goldman, UAL, Leslie Josephs, Scott Kirby's, Tesla, Toni Sacconaghi, NFLX, AAL Organizations: Tesla, Netflix, United Airlines, JPMorgan Chase, Citigroup, JPMorgan, Tuesday Bank of America, Refinitiv, CNBC, Bank of America, Citi, Goldman, IBM, Thursday, Airlines, Northeast U.S, JetBlue, Northeast Alliance Locations: America, Wells Fargo, Newark, Northeast

☆ 'Undeniably vast' opportunity: Bank of America names generative A.I. global 'winners'
▼ + stars: | 2023-07-14 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

Bank of America has dubbed global companies exposed to the demand for generative artificial intelligence solutions as "winners," picking stocks across the software and IT services sectors. It described the AI opportunity within the software industry as "undeniably vast" in a research note dated 12 July, and ranked European companies in the sector. "Huge quantities of data about a company's operations are held within a company's ERP system which makes the software vital in any generative AI integration," BofA's analysts stated. "We see gen AI as an opportunity for the Software industry to derive both potential revenue uplift via enhanced value proposition and data monetization, alongside productivity improvements," the bank said. BofA also looked at the effect of generative AI on the IT services industry and said implications "are the most polarised," noting concerns over drops in sales due to tasks being automated.

Persons: BofA, Frederic Boulan, — CNBC's Michael Bloom Organizations: of America, Dassault Systemes, SAP, Software, IT, International Data Corporation Locations: French, German

☆ Find A.I. companies truly working in the space, not just mentioning it, says BofA's Woodard
▼ + stars: | 2023-07-12 | 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 EmailFind A.I. companies truly working in the space, not just mentioning it, says BofA's WoodardJared Woodard, BofA Securities, joins 'The Exchange' to talk A.I. ETFs and the pros and cons for investors looking to put their money in the space.

Persons: BofA's Woodard Jared Woodard Organizations: BofA Securities

☆ Auto industry braces for contentious contract talks as UAW formally kicks off bargaining
▼ + stars: | 2023-07-12 | by ( Michael Wayland | ) www.cnbc.com time to read: +11 min

Rebecca Cook | ReutersDETROIT — United Auto Workers President Shawn Fain promised union members he'd do things differently during contract talks with the Detroit automakers this year. Playing hard ball"We're in the process of changing the culture of this union from a reactionary, defensive union, to an aggressive and offensive-minded union," Fain said last month during a Facebook livestream. The deals cover roughly 150,000 UAW members who work for the automakers. United Auto Workers members on strike picket outside General Motors' Detroit-Hamtramck Assembly plant in Detroit, Sept. 25, 2019. "The federal government is pouring billions into the electric vehicle transition, with no strings attached and no commitment to workers," Fain said earlier this year.

Persons: Shawn Fain, Rebecca Cook, he'd, Fain, Gary Jones, Bill Ford, Ford Fain, —, Jim Farley, Chuck Browning, We've, … We're, Joe Biden, John Murphy, Stellantis, Reuters Stellantis, What's, Michael Wayland, BofA's Murphy, Steve Fecht Organizations: Reuters DETROIT — United Auto Workers, Detroit, UAW, Motors, Ford Motor, Ford, Headquarters, Facebook, " Bank of America Securities, General Motors, BofA Securities, GM, Fiat Chrysler, Fiat Chrysler Automobiles, FCA Sterling Heights Assembly, Reuters, United Auto, United Auto Workers, Hamtramck Assembly, CNBC, Center for Automotive Research, Deere, Co, Caterpillar, Ultium Cells, LG Energy, Tech Center Locations: Detroit, Illinois, Stellantis, Sterling Heights , Michigan, Hamtramck, Lordstown , Ohio, Warren , Michigan

☆ BofA's sales goals expectations became a 'pressure cooker' for illegal activity, says CFPB's Rohit Chopra
▼ + stars: | 2023-07-11 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBofA's sales goals expectations became a 'pressure cooker' for illegal activity, says CFPB's Rohit ChopraRohit Chopra, CFPB director, joins 'Last Call' to talk Bank of America having to pay out $250 million dollars for charging bogus fees to customers and creating fake accounts.

Persons: CFPB's Rohit Chopra Rohit Chopra Organizations: Bank of America

☆ BofA's Andrew Obin upgrades 3M to neutral after legal settlement related to PFAS
▼ + stars: | 2023-07-11 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBofA's Andrew Obin upgrades 3M to neutral after legal settlement related to PFASAndrew Obin, BofA Securities, joins 'Power Lunch' to discuss his upgrade of 3M to neutral.

Persons: Andrew, Andrew Obin Organizations: BofA Securities Locations: BofA

☆ Bet on these stocks to beat the Street with earnings season about to kick off, says Bank of America
▼ + stars: | 2023-07-11 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

The outlook for this earnings season looks bleak, but Bank of America thinks there are some companies that can still deliver upside surprises. The season kicks off this week, with banking giants JPMorgan Chase , Wells Fargo and Citigroup set to report. BofA screened the S & P 500 for companies most likely to beat consensus earnings expectations. To find these names, the bank used this criteria: BofA earnings estimate above the Street consensus. Companies that beat earnings per share and revenue during the last reporting season.

Persons: Wells, BofA, SolarEdge, Julien Dumoulin, Smith, — CNBC's Michael Bloom Organizations: Bank of America, JPMorgan Chase, Citigroup, Delta Air Lines, PepsiCo, Meta, United Rentals, Corning Locations: Wells Fargo, Horton

☆ CNBC Daily Open: Prepare for higher rates
▼ + stars: | 2023-07-06 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. More hikes, but slowerAlmost all Federal Reserve members expect more interest rate hikes at upcoming Federal Open Market Committee meetings, according to minutes of June's meeting. Scientists warn that 2024 could be the first year the planet's temperature rises 1.5 degrees Celsius above pre-industrial levels. The release of Threads seems timely — Twitter recently limited the number of posts users can view per day, drawing complaints from many Twitter users.

Persons: Jerome Powell Organizations: Federal Reserve, Central Bank, Central Banking, CNBC, Treasury, University of Maine's, El, Twitter Meta, Twitter, Big Tech, Bank of America Locations: United States, Sintra , Portugal

Specialist asset managers minted CLOs worth more than half a trillion dollars in 2021, a year of heavy post-pandemic monetary stimulus. S&P Global estimates that more than one in 25 U.S. businesses and almost one in 25 European companies will default by March 2024. That has squeezed equity returns, and without equity investors, CLOs cannot be put together. S&P calculates that while CLO equity investors were able to get a 15% annual return before 2022, deals priced now would offer about 7%. "The (CLO) equity doesn't make enough money to justify buying it."

Persons: Florence Lo, CLOs, Morgan, Rob Shrekgast, KopenTech, Neha Khoda, It's, Marta Stojanova, You've, Aza Teeuwen, Laila Kollmorgen, Kollmorgen, tranches, BoFA, Naomi Rovnick, Chiara Elisei, Dhara Ranasinghe, Alexandra Hudson Organizations: REUTERS, Bank of America, Casino, Bed, TwentyFour, PineBridge Investments, Alexandra Hudson Our, Thomson Locations: CLOs, U.S

[1/6] A general view of the Bank of America financial center in New York City, U.S., June 26, 2023. REUTERS/Brendan McDermidNEW YORK, June 27 (Reuters) - Bank of America Corp (BAC.N) is adding consumer branches in four new U.S. states, it said on Tuesday, bringing its national footprint closer to rival JPMorgan Chase & Co (JPM.N). Bank of America will open new financial centers in Nebraska, Wisconsin, Alabama and Louisiana as part of a four-year expansion across nine markets, including Louisville, Milwaukee and New Orleans. The openings will give BofA a retail presence in 39 states, compared with JPMorgan, the largest U.S. lender, which has branches in 49 states. Holly O'Neill, Bank of America's president of retail banking, said last month that she expects good performance for the unit in the second quarter.

Persons: Brendan McDermid, Brian Moynihan, Moynihan, Aron Levine, Holly O'Neill, Saeed Azhar, Lananh Nguyen, Deepa Babington Organizations: Bank of America, REUTERS, Bank of America Corp, JPMorgan Chase &, JPMorgan, Federal Reserve, Consumer, CNN, Reuters, Bank of, Thomson Locations: New York City, U.S, Nebraska , Wisconsin , Alabama, Louisiana, Louisville, Milwaukee, New Orleans

☆ We see two more Fed rate hikes in July and September, says BofA's Michael Gapen
▼ + stars: | 2023-06-27 | 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 EmailWe see two more Fed rate hikes in July and September, says BofA's Michael GapenMichael Gapen, BofA head of U.S. economics, joins 'Squawk Box' to discuss the latest economic data, the Fed's rate hike campaign, and more.

Persons: BofA's Michael Gapen Michael Gapen

NEW YORK, June 26 (Reuters) - Goldman Sachs Group Inc (GS.N) plans to add former Bank of America executive Tom Montag to its board, a person familiar with the matter said on Monday, as Goldman's leadership faces challenges over its strategy. The bank's board is gathering in India this week, a second source said. Montag, who has previously worked at Goldman Sachs, is currently CEO of Rubicon Carbon, a carbon-market venture backed by asset manager TPG. The planned appointment was first reported by Bloomberg News, which said that Montag is an ally of CEO David Solomon. Montag, described by his peers as a hard-charging executive, was formerly a partner at Goldman Sachs and jointly led its securities division until late 2007.

Persons: Tom Montag, Montag, Goldman Sachs, David Solomon, Goldman, Merrill Lynch, Solomon, Saeed Azhar, Manya, Arun Koyyur, Emelia Organizations: YORK, Goldman Sachs Group Inc, of America, Rubicon, TPG, Bloomberg News, Bank of America, Manya Saini, Thomson Locations: India, New York, Bengaluru

☆ As downturn fears grow, Bank of America names 8 global stocks to ride out a recession
▼ + stars: | 2023-06-26 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Bank of America has named the European companies whose stocks are expected to perform robustly in the face of a possible economic downturn. It comes amid increasing signs that the European economy could be headed for a period of extended recession. Bank of America's proprietary Style Cycle model also shows that the region is facing a "recession phase." The forward cash yield measures how much cash a company is expected to generate for its shareholders over the next year compared to its current market price. The cash yield also includes returns through buybacks.

Persons: Intesa Sanpaolo, Paulina Strzelinska Organizations: of America, of, KBC, Eni, Nordea Bank, Barclays, Aviva, BNP, Bank, America's Locations: Europe, Belgium, Italy, Finland, Repsol, Spain, United Kingdom, France, buybacks, industrials

☆ Buy this little-known Brazilian investment stock as it cuts costs and rates fall, Bank of America says
▼ + stars: | 2023-06-22 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Brazilian investment management company XP Inc is poised for a breakout thanks to efficiency advancements and lower interest rates, according to Bank of America. The bank upgraded XP to buy from neutral on Wednesday with a $29 per share price target. XP YTD mountain XP Inc stock has soared more than 59% from the start of 2023. The analyst also said XP should get a boost from lower rates in Brazil. On Wednesday, the Brazilian central bank kept rates unchanged at a six-year high.

Persons: Mario Pierry, Pierry, CNBC's Michael Bloom Organizations: XP Inc, Bank of America, XP Locations: Brazil, Brazilian

☆ Jerome Powell says the Fed is still 'very far' on inflation
▼ + stars: | 2023-06-22 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Fed Chairman Jerome Powell testified before the House, central bank nominees are talking to the Senate, and the Washington Wizards traded away their star hooper. Powell spoke before the House Financial Services Committee yesterday following 10 consecutive interest rate hikes and one rate "skip" that the Fed chief made sure to clarify wasn't a "pause." "Given how far we've come, it may make sense to move rates higher but to do so at a more moderate pace," Powell said Wednesday. So far, the economy has been more resilient than expected, even as the fed funds rate hovers in the 5% to 5.25% range. US stock futures fall early Thursday, after Federal Reserve Chair Jerome Powell said more rate hikes are likely ahead.

Persons: I'm Phil Rosen, Jerome Powell, hooper, Anna Moneymaker, Powell, that's, Patrick McHenry, Tesla, Goldman Sachs, there's, Julia La Roche, Ed Yardeni, isn't, BofA's Savita Subramanian, Apple isn't, Read, Phil Rosen, Jason Ma, Hallam Bullock, Nathan Rennolds Organizations: Senate, Washington Wizards, Financial Services, Fed, Nvidia, Apple, Business, Federal, Accenture, Volex, Bank of America, . Locations: New York, Los Angeles, London

☆ The stock market rally is being driven by FOMO with more upside likely, but there's a looming risk ahead, Bank of America says
▼ + stars: | 2023-06-21 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

A FOMO rally has taken over the stock market, and there could be more upside ahead, according to Bank of America. BofA expects the S&P 500 to rally into the 4,500 range after it broke above resistance. "The S&P 500 cleared 4,200 in early June to break out from a 4-month bullish cup and handle. "We view the breakout above 4,200 on the S&P 500 as a FOMO rally. Decisive breakouts above those levels would add credibility to the current stock market rally and help Suttmeier's case for more upside ahead.

Persons: BofA, —, Stephen Suttmeier, Suttmeier, Russell, Dow Jones Organizations: Bank of America, Service, Nasdaq, Dow, NYSE

☆ Active asset allocation looks more important than ever, says BofA's Jared Woodard
▼ + stars: | 2023-06-21 | 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 EmailActive asset allocation looks more important than ever, says BofA's Jared WoodardJared Woodard, investment and ETF strategist at Bank of America Securities, joins 'The Exchange' to discuss parts of the bond market out performing equities, asset allocation towards fixed-income ETFs, and reducing risk to interest rate exposure.

Persons: Jared Woodard Jared Woodard Organizations: Bank of America Securities

☆ 'The market is more rational than its been in a decade', says BofA's Savita Subramanian on her bullish outlook
▼ + stars: | 2023-06-20 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'The market is more rational than its been in a decade', says BofA's Savita Subramanian on her bullish outlookSavita Subramanian, BofA Securities head of U.S. equity & quantitative strategy, joins 'Fast Money' as a special guest trader to discuss her bull case for stocks, top market plays, and more.

Persons: BofA's Savita Subramanian, Savita Subramanian Organizations: BofA Securities

☆ BofA's Hartnett admits 'bears like us have been wrong,' sees these conditions ahead
▼ + stars: | 2023-06-16 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Bank of America chief investment strategist Michael Hartnett has joined his colleagues in admitting he was too pessimistic in his outlook for stocks this year. In his weekly note to clients examining the flow of money through the market, Hartnett took a jab at himself, labeling his outlook the product of "A Bear of Very Little Brain." Further, he outlined several reasons why "bears like us have been wrong" in the first half of 2023. On the economy, "nominal GDP remained super-charged by fiscal stimulus/war, labor" while the labor market was "impervious to monetary policy in post-pandemic world," Hartnett wrote. These include deflation, emerging market stocks and "hard-landing plays" such as REITs and commercial real estate, banks, small-cap stocks, oil and China.

Persons: Michael Hartnett, Hartnett, BofA, Savita Subramanian Organizations: of America, Silicon Valley Bank, Fed & US, Federal Reserve, Treasury, Labor Locations: Silicon, China

☆ We've been in a bull market for about six or seven months already: BofA's Stephen Suttmeier
▼ + stars: | 2023-06-16 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe've been in a bull market for about six or seven months already: BofA's Stephen SuttmeierStephen Suttmeier, Bank of America chief equity technical strategist, joins 'Closing Bell Overtime' to talk the 'FOMO' market rally, an improvement in market breadth, and more.

Persons: We've, Stephen Suttmeier Stephen Suttmeier Organizations: Bank of America

☆ Energy should see a bounce back in 6 - 12 months, says BofA's Chris Hyzy
▼ + stars: | 2023-06-16 | 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 EmailEnergy should see a bounce back in 6 - 12 months, says BofA's Chris HyzyChris Hyzy, Merrill & BoA Private Bank CIO, joins 'Closing Bell' to discuss the sustainability of the market rally.

Persons: Chris Hyzy Chris Hyzy, Merrill Organizations: Energy, Bank CIO

☆ Watch CNBC's full interview with BofA's Michael Gapen and Fitz-Gerald Group's Keith Fitz-Gerald
▼ + stars: | 2023-06-15 | 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 BofA's Michael Gapen and Fitz-Gerald Group's Keith Fitz-GeraldMichael Gapen, Bank of America Research head of U.S. economist, and Keith Fitz-Gerald, principal at the Fitz-Gerald Group, join 'The Exchange' to discuss the Fed's pause and next move.

Persons: BofA's Michael Gapen, Gerald Group's Keith Fitz, Gerald Michael Gapen, Keith Fitz, Gerald, Gerald Group Organizations: Bank of America Research

☆ The economy will move into 2024 without any downturn, says BofA's Michael Gapen
▼ + stars: | 2023-06-15 | 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 economy will move into 2024 without any downturn, says BofA's Michael GapenMichael Gapen, Bank of America Research head of U.S. economist, and Keith Fitz-Gerald, principal at the Fitz-Gerald Group, join 'The Exchange' to discuss the Fed's pause and next move.

Persons: BofA's Michael Gapen Michael Gapen, Keith Fitz, Gerald, Gerald Group Organizations: Bank of America Research

☆ Bank of America turns bullish on stocks and recommends these strategies
▼ + stars: | 2023-06-09 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

After being one of the most prominent bears on Wall Street, Bank of America has changed its tune on stocks and sees pockets of select opportunities ahead. The firm's equity team has not changed its year-end S & P 500 target — it still sees the large-cap index finishing around 4,300, which implies little movement from the Thursday close of 4,293.93. "The bear market is officially over," Savita Subramanian, BofA's equity and quant strategist, said in a client note Friday. The firm also recommends strong-divided companies as "we are returning to a total return world." "We believe we are back in bull territory, which might be part of what it takes to get investors enthusiastic about equities again," Subramanian said.

Persons: Savita Subramanian, Subramanian, BofA Organizations: Bank of America, Federal Reserve

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