Page 3 - Bank Of America

US banks beat profit estimates on economic rebound, deals bonanza

JPMorgan Chase & Co, Citigroup, Wells Fargo & Co and Bank of America Corp reported a combined profit of $28.7 billion for the third quarter, beating analyst estimates

Bank of America-backed ACRE buys 32% stake in Jayaswal Neco Industries

The ARC is backed by other global distressed funds and investors like Davidson Kem­pner Capital Manageme­nt, Oaktree Capital and Ares SSG

Investors turn bearish on global economy though positioning upbeat: BofA

Rare disconnect between asset prices, fundamentals; liquidity conditions viewed as best since before 2008 crisis

Bank of America taps new CFO, promotes three women to top roles

Alastair Borthwick, president of global commercial banking, will replace CFO Paul Donofrio next quarter, the company said Friday in an internal memo.

The cost of saving global economy: $834 million an hour for 18 months

"Stimulus has caused immense inflation of Wall Street assets," wrote strategists led by Michael Hartnett

The cost of saving global economy: $834 million an hour for 18 months

"Stimulus has caused immense inflation of Wall Street assets," wrote strategists led by Michael Hartnett

Bank of America 2Q profit more than doubles to $9.22 bn, tops forecast

Bank of America 2Q profit more than doubles, tops forecast Bank of America Corp. said Wednesday that second-quarter net income more than doubled to USD9.22 billion from USD3.53 billion a year ago. The Charlotte, North Carolina-based bank said it had earnings of USD1.03 per share for the quarter ended June 30, up from 37 cents in the year-ago quarter. The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 77 cents per share. The nation's second-largest bank posted revenue of USD22.62 billion in the period. Its revenue net of interest expense was USD21.47 billion, missing Street forecasts. Four analysts surveyed by Zacks expected USD21.77 billion. Year-ago revenue was USD22.33 billion. Bank of America shares have increased 32per cent since the beginning of the year, while the S&P 500 index has risen 16per cent. The stock has climbed 65per cent in the last 12 months.

BankAm's i-bankers continue to pull off deals for India Inc amid Covid-19

BankAm topped Dealogic's league tables for equities at $2.8 billion in deals (followed by ICICI Securities at $2.4 billion and JP Morgan, or JPM, at $2.4 billion) for FY21

Wall Street banks hike shareholder payouts after Fed gives the green light

Morgan Stanley, JPMorgan, Bank of America, Goldman Sachs and Wells Fargo said they were hiking their capital payouts after the US Federal Reserve gave them a clean bill of health

Bank of America profit more than doubles on reserve release boost

The second-largest U.S. bank by assets unlocked $2.7 billion from its reserves

Indian outsourcing outshone world in pandemic; BofA added 3k jobs: Official

Bank of America (BofA) has added around 3,000 more jobs in India during the pandemic, and the country has outshone the world because of its ability to thrive in chaos, a top official said

Akhil Turai and His Entry into the Billion-Dollar Space Industry

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L&T, ABB India: Analysts bet on capex-related plays amid economic revival

"Valuations for consumption stocks now appear stretched while the industrials sector still trades at historical averages," wrote Amish Shah of BofA Securities

Expect Budget to be positive for capex-driven sectors, says Amish Shah

Capex as a percentage of Budget expenditure was 18 per cent in FY17 and FY19. Now, it has come down to 16 per cent… There is scope for capex allocation to go up, says Shah

Bank of America gives pandemic bonus to 97% of its 170,000 staff

This includes over 24,000 of the bank's staffers in India

Bank of America's Q4 profit falls 18% to $5.47 bn but tops Street views

The firm said it plans to repurchase $2.9 billion worth of stock this quarter, the most it can under new Federal Reserve guidelines

Bank of America hopes for loan growth bounce after muted quarter

The second-largest U.S. bank by assets also reported a 13% fall in consumer banking revenue

Bank of America fourth quarter profit fell 18% but topped Street views

Bank of America Corp. says its fourth-quarter profit fell nearly 18 per cent to USD 5.47 billion from USD 6.99 billion a year earlier. The bank, based in Charlotte, North Carolina, said Tuesday that it had earnings of 59 cents per share, down from 74 cents a year ago. The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 56 cents per share. The nation's second-largest bank posted revenue net of interest expense of USD 20.1 billion, which missed Street forecasts. Six analysts surveyed by Zacks expected USD 20.4 billion. Bank of America shares have increased nearly 9 per cent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. The stock has decreased nearly 5 per cent in the last 12 months.

Indian economy weak, credit growth bottoming out: BofA Securities

BofA Securities on Friday said the Indian economy continues to be weak, pointing to activity indicators tracked by it

Bank of America traders fall short of rivals as revenue forecast missed

Revenue from trading rose 3.6% to $3.34 billion, falling short of the $3.5 billion that analysts had forecast