Latest Bank of America Corporation News

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...

Asian shares slide after tech, bank sell-off on Wall Street

Apr. 20, 2021 23:26 PM EDT

BANGKOK (AP) — Shares skidded in Asia on Wednesday after Wall Street closed lower for a second straight day, led by drops in technology companies and banks. Worsening coronavirus outbreaks in Asia have cast a shadow over prospects for a rebound from the pandemic....

A year after stocks soared, CEOs must show it was warranted

Apr. 15, 2021 12:36 PM EDT

NEW YORK (AP) — It's time to show the receipts, CEOs. For more than a year, investors have been pushing up stock prices, even though the pandemic caused profits to crater for companies. With COVID-19 vaccines going into arms and businesses reopening, investors want to...

Bank of America profit doubles in 1Q to $8.1 billion

Apr. 15, 2021 07:49 AM EDT

NEW YORK (AP) — Bank of America's profits doubled in the first quarter, the bank said Thursday, as the improving economy allowed it to release billions from its loan-loss reserves that it originally set aside in the early days of the pandemic. Bank of America is the...