Latest Bank of America Corporation News

Fed unleashes another big rate hike in bid to curb inflation

Jul. 27, 2022 19:34 PM EDT

WASHINGTON (AP) — The Federal Reserve on Wednesday raised its benchmark interest rate by a hefty three-quarters of a point for a second straight time in its most aggressive drive in more than three decades to tame high inflation. The Fed’s move will raise its key rate, which...

Earnings slide ongoing for banks; BofA Q2 profit dips 32%

Jul. 18, 2022 08:26 AM EDT

NEW YORK (AP) — Bank of America's second quarter profits fell 32%, the latest major U.S. bank to report a dip in earnings after a strong 2021. A better reflection of performance at the country’s second largest bank this quarter was revenue, which increased from $21.5 billion, to...

Abortion ruling thrusts companies into divisive arena

Jun. 25, 2022 10:18 AM EDT

The Supreme Court's decision to end the nation’s constitutional protections for abortion has catapulted businesses of all types into the most divisive corner of politics. Some companies that stayed silent last month — when a draft opinion by Justice Samuel Alito was leaked to...

Fed's Powell facing rising criticism for inflation missteps

Jun. 21, 2022 17:06 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell won praise for his deft leadership during the maelstrom of the pandemic recession. As threats to the U.S. economy have mounted, though, Powell has increasingly struck Fed watchers as much less sure-footed. Inflation has proved...

Hot inflation dims likelihood Fed can achieve 'soft landing'

Jun. 13, 2022 14:10 PM EDT

WASHINGTON (AP) — For months, Chair Jerome Powell has held out hope that the Federal Reserve will be able to raise interest rates high enough to throttle rampant inflation without tipping the economy into recession. Yet with the Fed set to announce another sharp interest rate hike...

Buffett's firm reveals new stakes in Paramount, Citigroup

May. 16, 2022 20:31 PM EDT

OMAHA, Neb. (AP) — Warren Buffett's company on Monday revealed all the investment moves it made in the first quarter, when it spent more than $51 billion on stocks. But Buffett had already shared the biggest investments with Berkshire Hathaway shareholders at the company's recent...