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The Latest Breaking News from Bank of America

Banks Promote Climate Pledges But Keep Increasing Their Financing of Fossil Fuel Production

National day of protest will target JPMorgan Chase, Citigroup, Bank of America and Wells Fargo as new U.N. report warns of catastrophic climate impacts.

Capital & Main

Customers scramble to withdraw money from First Republic as stock drops almost 50%

Efforts to reassure the public that First Republic is safe have so far been unsuccessful as bank's shares plunge.

Fortune

First Republic’s shares crash more than 46% after downgraded credit rating

The US bank may need to raise more funds despite a $30bn rescue last week

The Guardian - UK

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Ackman Says Bank Of America Will Buy Signature Bank Monday, Predicts Crisis Of Confidence

Billionaire investor Bill Ackman said Friday that Bank of America will buy Signature Bank on Monday as other banks face peril

Zenger

Big US banks benefit from surge in deposits after SVB and Signature Bank collapses

Though some consumers have pulled their money out of smaller banks, a Treasury official said those withdrawls have slowed

The Independent UK

US banks launch $30bn rescue of First Republic to stem spiraling crisis

Bank of America, Goldman Sachs, JP Morgan agree to prop up troubled bank after its shares tumbled amid wider turmoil

The Guardian - US

New CEO of failed Silicon Valley Bank was once fired from his Charlotte banking job

The new CEO of failed Silicon Valley Bank is a familiar name to many in Charlotte’s banking community — Tim Mayopoulos was fired as general counsel of Bank of America in 2008 in the midst of the financial crisis and escorted out of the office by an HR representative.

Tribune News Service

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US banks are sacrificing poor communities to the climate crisis

It took decades to force banks to abandon racist redlining. We don’t have decades to avert catastrophic climate crisis

The Guardian - US

The real victims of SVB aren't the tech elite: Hardworking business owners share their horror stories of the bank's collapse

The Silicon Valley Bank bailout was not about solving a “1% problem.”

Fortune

Bank of America has raked in $15 billion in new deposits after SVB collapse

Sources familiar with the matter say former Silicon Valley Bank customers are looking to put their money in the safest institution possible.

Fortune

US Treasury to give House Republicans a look at financial reports on Biden's family and associates

WASHINGTON — The U.S. Treasury Department is set to allow House Republicans to inspect reports on foreign banking and other business transactions by relatives of President Joe Biden, including his son Hunter Biden and his associates.

Tribune News Service

Regulators shut down SBV after bank run

How can a bank run happen in 2023? Why didn’t anyone step in to save SVB? And who is at risk now?

Fortune

SVB's collapse could lead to 'contagion' among regional banks—but experts say it's not a systemic risk to the entire financial system

“We do not believe there is contagion risk for the rest of the banking sector on the heels of SVB's struggles,” David Trainer, CEO of the investment research firm New Constructs, told Fortune.

Fortune

Women in the workforce have rebounded

Women's labor force participation rate continues to climb, but they're also seeing an uptick in unemployment—especially for Black women and Latinas.

Fortune

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Fortune

March had 'crashy vibes' for the economy and it could mean a recession, BofA says

The Fed's goal of bringing down inflation without triggering a recession may have just gotten a lot harder.

Fortune

Smart ways to use your cash back rewards

If you’re earning cash back for your everyday purchases, here are a few ways you can use those rewards to help you save and hit your money goals.

Fortune

Bank of America CEO predicts most people won’t even notice ‘slight’ recession

Consumer spending is not slowing at the rate the Fed hoped for, Brian Moynihan said.

Al Jazeera

Bank of America CEO predicts ‘slight’ US recession this year

Bank of America CEO Brian Moynihan says he expects mild downturn in third quarter of 2023.

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Axios

Boomers and the latest U.S. inflation boost

Bank of America data shows faster spending growth this year among households more likely to receive social security payments.

Fortune

Artificial intelligence like ChatGPT is on the brink of an 'iPhone moment' thanks to 'warp-speed' development, Bank of America says

The rapid development and mass adoption of tools like ChatGPT could create an "iPhone moment" for A.I.

Fortune

Bank of America analyst warns the Fed will hike rates to 'point of pain' to get inflation down

An unexpected spike in inflation in January prompted questions to Treasury Secretary Janet Yellen over whether a recession is inevitable.

USA Today Sports Media Group

6 highlights from latest Daniel Snyder bombshell story

There's no way Dan Snyder isn't selling the team now, right?

USA Today Sports Media Group

Unpacking Dan Snyder’s latest reported Commanders scam, including charging $4.5M to put a logo on his plane

The latest awful Dan Snyder report, broken down.

Los Angeles Times

Why scammers who stole billions in unemployment benefits may get away with fraud

WASHINGTON — Just a small percentage of the at least $60 billion in unemployment payments estimated to be lost to fraud during the pandemic has been recovered, and time is running out to prosecute those who committed the crime.

Fortune

The ‘free money’ tech investment era is over and the ‘old economy’ is set to become the big winner, according to Bank of America

“Bear markets have historically resulted in leadership change, which suggests old economy sectors are likely the winners of this cycle,” Bank of America equity strategist Savita Subramanian wrote Wednesday.

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