All Bank Branches that Opened and Closed in Connecticut in 2023
Only one bank opened any new branches in the state this year, while several big brands moved to shutter physical locations.
BofA Hit with $150M Penalty for Fees, Opening Accounts Without Consent
Bank of America must pay around $150 million to customers for doubling up on some fees, withholding reward bonuses and opening accounts without customer consent.
BofA Profits Grow 15 Percent, Avoids Industry Crisis
Bank of America said its profits grew 15 percent last quarter, the latest of the big banks to do exceptionally well this earnings season as investors and consumers flock to Wall Street for safety after the failure of Silicon Valley Bank and Signature Bank.
BofA Profits Fall as Bank Sets Aside Money for Downturn
Bank of America’s profits fell by 8 percent in the third quarter as the bank set aside cash to cover potential loan losses.
BofA CEO: Struggling Americans Feel They Are in a Recession
The CEO of Bank of America said the recent debate over whether the U.S. economy is technically in a recession or not is missing the point.
Small Business Loans Launch, Hit Snags
The federal government’s $349 billion relief program for small businesses got off to a rocky start across the country Friday as hundreds of thousands tried to apply for desperately needed loans.
Bank of America to Raise Hourly Minimum Wage to $20
Bank of America plans to raise its starting pay to $20 an hour over a two-year period, the bank said Tuesday, starting with a hike next month.
BofA’s Merrill Admits Misleading Customers, to Pay $42M SEC Fine
Bank of America Corp.’s Merrill Lynch unit admitted to misleading brokerage customers about which firms processed their trades and agreed to pay a $42 million fine under a settlement with the U.S. Securities and Exchange Commission announced on Tuesday.
US Gun Lobby Takes Aim At ‘Gun-Hating’ Banks Citi, BofA
The U.S. gun lobby is taking aim at “gun-hating” banks after Citigroup Inc. and Bank of America said they would no longer provide certain banking services to gun-makers, according to industry lobbyists.
BofA Pays $42M Fine in New York ‘Masking’ Probe
Bank of America Corp. will pay a $42 million fine and admitted wrongdoing to settle claims by New York’s attorney general that it fraudulently routed clients’ stock trades to outside firms, including one run by swindler Bernard Madoff.
BofA Net Profit Slumps on $2.9B Tax Charge, Adjusted Income Beats Estimates
Bank of America Corp.’s net profit nearly halved compared with a year earlier as it booked a $2.9 billion charge stemming from the new federal tax law, although it beat analysts’ estimates when adjusted for the charge.
BofA Gains New Market President in Hartford
Joe Gianni will succeed Kevin Cunningham as Bank of America market president and the company’s enterprise leader in Hartford.
Bank Of America Profit Rises On Higher Rates, Lower Costs
Bank of America Corp. reported a 15 percent rise in third-quarter profit on Friday as the lender kept a tight leash on costs and benefited from higher interest rates.
US Bank Shares Decline On Trading Revenue Concerns
Shares in U.S. banks fell on Wednesday, with the S&P 500 bank index hitting its lowest level since late 2016, after JPMorgan Chase and Bank of America Corp. warned of revenue weakness in the current quarter.
Bank Of America Shareholders Revive Chairman Debate
Bank of America Corp. Chairman and CEO Brian Moynihan will once again face a shareholder vote on whether he should maintain both roles, according to the bank’s proxy filing on Wednesday.
Bank Of America Opens Branches Without Employees
Bank of America Corp. has opened three completely automated branches over the past month, where customers can use ATMs and have video conferences with employees at other branches, according to spokeswoman Anne Pace.
BofA Must Face Fraud Lawsuit By Construction Company Over Debt Sales
A U.S. appeals court on Monday revived a lawsuit accusing Bank of America Corp. of defrauding Tutor Perini Corp. by selling the construction company millions of dollars of auction-rate securities it knew were on the brink of collapse.
BofA Names Sieg As New Wealth Management Head
Andy Sieg will be the next head of Bank of America Corp.’s wealth management unit at the end of the year, when John Thiel steps down, the bank said on Thursday.
Former Top BofA Female Banker Settles ‘Bro’s Club’ Bias Lawsuit
Bank of America Corp. has settled a lawsuit by a former top female banker who had accused it of being a “bro’s club” that favored male employees over women, and punishing her because she complained about questionable activity.
US Appeals Court Declines To Reconsider Bank Of America Ruling
A U.S. appeals court refused on Monday to reconsider its decision to overturn a $1.27 billion penalty against Bank of America Corp. and a jury verdict finding it liable for mortgage fraud leading up to the 2008 financial crisis.
