Latest Bank of America Corporation News

US stocks slump; S&P 500 has its worst week since February

Jun. 18, 2021 16:43 PM EDT

NEW YORK (AP) — Stocks sank again on Wall Street Friday, knocking the S&P 500 to its worst weekly loss since February, as more steam comes out of banks and other stocks that soared earlier this year with expectations for the economy and inflation. The S&P 500...

Tottenham repays COVID loan, frees up funds for signings

Jun. 18, 2021 09:33 AM EDT

LONDON (AP) — Tottenham announced Friday it had paid back the 175 million pounds ($243 million) it borrowed from the Bank of England as part of a coronavirus loan scheme, freeing up cash that could help the Premier League club sign players and a new manager. The north...

Asian shares mostly rise as markets digest Fed moves

Jun. 17, 2021 23:58 PM EDT

TOKYO (AP) — Asian shares mostly rose Friday, as investors digested the latest message from the U.S. Federal Reserve on raising short-term interest rates by late 2023. Japan's benchmark added 0.3% in morning trading to 29,108.23. South Korea's Kospi edged 0.1% higher...

Ally Bank ends overdraft fees, a first for large US banks

Jun. 02, 2021 19:15 PM EDT

NEW YORK (AP) — Ally Financial said Wednesday that it is ending overdraft fees entirely on all of its bank products, becoming the first large U.S. bank to end overdraft fees across its entire business. It's a major move by Ally, one of the nation's largest banks, and...

Bank CEOs tell Congress they'll work to avoid foreclosures

May. 27, 2021 17:22 PM EDT

WASHINGTON (AP) — The chief executives of the nation’s largest banks went in front of Congress for a second day Thursday, facing questions ranging from inflation to their efforts to keep Americans in their homes after government aid to pandemic-hit mortgage holders expires this summer. ...

Bank CEOs outline pandemic support; senators split on issues

May. 26, 2021 16:53 PM EDT

WASHINGTON (AP) — The CEOs of the six biggest U.S. banks went before Congress Wednesday, eager to lay out their support for struggling consumers and small businesses hard hit by the pandemic. But lawmakers focused more keenly in a Senate hearing on the contentious...

Bank of America to raise minimum wage to $25/hr by 2025

May. 18, 2021 12:58 PM EDT

NEW YORK (AP) — Bank of America plans to set the minimum wage for all positions at the company to $25 an hour by 2025. It would be the highest minimum wage paid by a big bank and could pressure rivals to follow suit. Wages have been rising at major banks in recent...

Buffett's firm sells off financials, halves Chevron stake

May. 17, 2021 19:20 PM EDT

OMAHA, Neb. (AP) — Investor Warren Buffett's company pared back its holdings in financial firms further during the first quarter and also halved its new investment in Chevron. Berkshire Hathaway Inc. provided an update on its U.S. stock holdings in a filing with...

Ex-bank official gets year in prison for $1.5M embezzlement

May. 10, 2021 10:40 AM EDT

BOSTON (AP) — A former Bank of America manager who pleaded guilty to embezzling $1.5 million from a company that did business with the bank and using some of the money to buy a luxury Porsche SUV has been sentenced to a year in prison, federal prosecutors said. Waqas...

MLK memorial effort in Boston gets $1M from Bank of America

Apr. 26, 2021 14:04 PM EDT

BOSTON (AP) — The organization planning a memorial to Dr. Martin Luther King Jr. and Coretta Scott King in Boston is getting a $1 million grant from Bank of America, company officials said Monday. The grant to King Boston will support the creation of the sculpture...