Silicon Investor - Bank of America

[Sr K] Bank of America Fined $225 Million for Mishandling Pandemic Unemployment Benefit...

Sr K — 7/14/2022 4:29:47 PM

Bank of America Fined $225 Million for Mishandling Pandemic Unemployment Benefits

Regulators said the bank must compensate people whose access to funds was denied or delayed

Bank of America froze thousands of accounts as a result of putting filters in place to detect fraud.PHOTO: RICHARD B. LEVINE/ZUMA PRESS

By Orla McCaffrey

July 14, 2022 3:57 pm ET

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Federal regulators fined Bank of America $225 million for mishandling the distribution of unemployment benefits and other government benefits at the height of the pandemic.

The Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau also ordered the bank to repay customers who were wrongfully denied access to their unemployment benefits. Those customers will have the opportunity to have their cases individually reviewed and receive additional compensation, the CFPB said.

Exc.

[Sr K] North Carolina’s Supreme Court Blocks GOP Redistricting Maps In a 4-3 decision,...

Sr K — 2/4/2022 11:04:05 PM

North Carolina’s Supreme Court Blocks GOP Redistricting Maps

In a 4-3 decision, the state’s high court ordered that maps be redrawn

North Carolina lawmakers during an October hearing on the legislative redistricting maps.PHOTO: TRAVIS LONG/ASSOCIATED PRESS

By
Alexa Corse Follow

Updated Feb. 4, 2022 8:39 pm ET

North Carolina’s Supreme Court struck down the voting maps enacted by the Republican-controlled state legislature, saying they violated the state’s constitution, in a closely watched case with implications for the balance of political power in the state’s legislature and congressional delegation.

In a divided ruling, the court said that the congressional and state legislative districts as drawn by Republicans are unlawful partisan gerrymanders that violate measures of the North Carolina constitution. The court told the state legislature to draw new maps.

“Achieving partisan advantage incommensurate with a political party’s level of statewide voter support is neither a compelling nor a legitimate governmental interest,” the court’s majority said in the order.

The ruling from North Carolina’s high court, where Democrats have a 4-3 majority, is the latest development among a number of redistricting-related lawsuits playing out around the country in light of the 2020 census.

The court’s three Republican justices dissented, writing that the ruling “violates the separation of powers by effectively placing responsibility for redistricting with the judicial branch, not the legislative branch as expressly provided in our constitution.”

Advocacy groups and voters filed two lawsuits alleging that maps adopted by the Republican-controlled state legislature unlawfully entrenched a partisan advantage for the GOP. The cases were consolidated for trial in a lower court.

In January, a panel of three judges in Wake County Superior Court upheld North Carolina’s maps, rejecting claims that they were illegally gerrymandered for partisan advantage. The panel said there was evidence that the voting maps were gerrymandered to help Republicans but said it had no authority to interfere.

“Redistricting is a political process that has serious political consequences,” the panel wrote. “It is one of the purest political questions which the legislature alone is allowed to answer. Were we as a court to insert ourselves in the manner requested, we would be usurping the political power and prerogatives of an equal branch of government.”

Republican state lawmakers have said they led the most transparent map-drawing process in the state’s history. The Republican-controlled state legislature said it had prohibited the use of partisan or racial data when drawing the new maps.

“Plaintiffs ask this Court to cease acting as a court of law and begin acting as a political body,’’ the Republican state lawmakers said in a brief to the state’s high court. “The North Carolina Constitution has no standard for distinguishing good political choices from bad ones.”

North Carolina currently has eight Republican and five Democratic members of Congress. The state is gaining one House seat because of population growth reflected in the 2020 census.

Under the Republican-drawn maps, the GOP would have had 10 safe seats out of 14 total seats, according to the groups who sued. Republicans also were likely to keep their majorities in the state legislature under the new map, the plaintiffs said.

The nonpartisan Princeton Gerrymandering Project rated North Carolina’s new maps an “F” for partisan fairness, saying the maps gave Republicans a significant advantage.

The North Carolina Supreme Court already had postponed the state’s March primary until May to allow time to resolve the legal battle. Republicans had approved a bill delaying the primary by another three weeks to June, but Democratic Gov. Roy Cooper vetoed that proposal in January.

Exc.

[Sr K] Bank of America Fed Outlook Gets More Hawkish Amid Inflation Worries Bank’s chi...

Sr K — 1/28/2022 1:00:17 PM

Bank of America Fed Outlook Gets More Hawkish Amid Inflation Worries

Bank’s chief global economist forecasts seven rate rises over course of 2022, while trimming growth outlook for year

The central driver in the Fed’s policy outlook is inflation that is both higher and longer lasting than the central bank’s officials had expected. Above, the Federal Reserve building in Washington.PHOTO: JOSHUA ROBERTS/REUTERS

By
Michael S. Derby

Jan. 28, 2022 11:01 am ET

Bank of America has shifted its outlook for monetary policy in a decidedly hawkish direction and now sees more rate rises this year than even the most aggressive outlook held by a central banker.

The Fed is likely to raise its now near zero short-term interest rate target seven times over the course of this year, on its way to a stopping point of between 2.75% and 3%, wrote Ethan Harris, chief global economist for the bank.

“The Fed has all but admitted that it is behind the curve” when it comes to controlling inflation, and this monetary policy path “should affect the economy with a lag, weighing on 2023 growth,” Mr. Harris wrote. He said in his note he had trimmed his growth outlook for this year to a 3.6% increase, and he now sees inflation, stripped of food and energy costs, rising by 3%, from 2.6%, over 2022.

The Bank of America forecast for monetary policy compares with the central bank outlook released at its December meeting, which points to the possibility of three rate rises this year. A number of Fed officials have affirmed that they see three rate rises, although some officials, like St. Louis Fed leader James Bullard, reckons four rate rises could be appropriate, while Fed governor Christopher Waller said even more increases are on the table.

Also weighing in on Friday, Evercore ISI said data released Friday support an outlook of five rate rises, but there is a risk that it could do six or seven depending on how inflation performs.

The central driver in the Fed’s policy outlook is inflation that is both higher and longer lasting than the central bank’s officials had expected. The Fed’s concern about price pressures is such that it accelerated the end of its bond buying program, and at its Federal Open Market Committee meeting this week, the central bank strongly signaled it would raise rates in March.

On Friday, the government reported that the Fed’s preferred inflation barometer, the personal-consumption expenditures price index, hit a 5.8% overall rise in December, the highest level since the early 1980s, with prices stripped of food and energy factors up by 4.9%. Meanwhile, employers spent 4% more on wages and benefits last year, the biggest such gain since 2001.

“With both wage and underlying price inflation spiraling out of control, no wonder the Fed is a lot less confident that this surge will be short-lived,” said economists at Capital Economics, in a note to clients.

What happens after the likely March rate rise is unclear and will be driven by a hard-to-forecast outlook, Fed Chairman Jerome Powell said in a Wednesday press conference, held after the Fed meeting. He also noted the Fed can work to bring inflation under control without harming the labor market, saying “ there’s quite a bit of room to raise interest rates without threatening the labor market.”

Speaking during a National Public Radio interview Friday, Minneapolis Fed leader Neel Kashakri agreed there is a lot of uncertainty about the outlook, and while tighter monetary policy looms, it is really too soon to say how far the Fed will need to go.

“We think a lot of the reason that prices are high right now are temporary factors related to Covid” and the pandemic, he said on the radio program. Those disruptions could be resolved and take away the need for an aggressive path of action, but it is unclear how that will play out, he said.

But even in the face of that uncertainty, higher rates are probable. “The economy is doing well, fundamentally, but it’s a little bit imbalanced right now. And we need to bring it back into balance,” Mr. Kashkari said.

Exc.

[Sr K] Bank of America’s Merrill Lynch to Ban Trainee Brokers From Making Cold Calls I...

Sr K — 5/24/2021 10:47:34 AM

Bank of America’s Merrill Lynch to Ban Trainee Brokers From Making Cold Calls

In shift for program that dates back to 1945, recruits will now be directed to use internal referrals and LinkedIn messages to prospect for new clients

Binoculars aided long-distance reading in a 1950s Merrill Lynch office. Brokerage firms are now trying to adapt to the digital era. PHOTO: STAN WAYMAN/THE LIFE PICTURE COLLECTION VIA GETTY IMAGES

By
Rachel Louise Ensign

May 24, 2021 6:00 am ET

Bank of America Corp.’s BAC +0.34% Merrill Lynch Wealth Management unit is banning trainee brokers from making cold calls, a vestige of an era when the industry pushed hot stocks on anyone who would pick up the phone.

Merrill plans to roll out a revamped adviser-training program on Monday that prohibits participants from cold calling, people familiar with the matter said. The bank will instead direct them to use internal referrals or LinkedIn messages to land clients, they said. The decision comes after the program’s 3,000 trainees were told to stop outbound recruiting efforts to find new customers last year after problematic phone calls.

The announcement will formalize a shift that executives have signaled for months. “We are leaning much more heavily on leads and referrals from the broader company,” Merrill President Andy Sieg said in April. “There is also an opportunity to be much more modern in terms of the way we are reaching out to prospective clients.”

Merrill’s training program, first established in 1945, was meant to be the firm’s pipeline for new advisers after it cut back on the expensive practice of poaching from other firms. The pool of candidates that starts off in the program, which pays a base salary of $65,000 a year, is typically young and diverse. Participants who fail to meet the goals are kicked out or moved to other roles in the bank.

In recent years, only a small portion of trainees completed the program. Successful recruits often had extensive personal networks and were less reliant on cold calling, trainees said.

While cold calling offers the opportunity for a gifted salesperson to build a network from scratch, it is hard to succeed that way in an era when no one picks up. Personal referrals lead to a response around 40% of the time, Merrill executives said, but less than 2% of people who are cold called even answer the phone.

The revamped program is intended to bring the firm’s prospecting techniques into the digital era and boost completion rates. It is also another step in integrating Merrill’s storied “thundering herd” of financial advisers more closely into Bank of America, which bought the brokerage in the depths of the financial crisis.

Trainees will get more referrals from the bank’s pool of 66 million retail customers, people familiar with the matter said. They will also be encouraged to contact prospects over LinkedIn, which has a higher hit rate than cold calling, they said.

Cold calling has been a mainstay of adviser-training programs across the industry since their inception. As stock ownership became widespread in the 1980s, brokerage firms hired droves of young trainees to work the phones.

When Frank Maselli joined Dean Witter in 1983 as a rookie broker, he was given a seat in a cavernous room filled with other trainees where he made 1,000 calls a day from 8 a.m. to 9 p.m.

“I have a bond, I have it for two days, it might be gone tomorrow,” he would tell the strangers who picked up. About 1% of the people he dialed would bite, a rate that was considered successful, said Mr. Maselli, who now runs a firm that trains advisers on sales techniques. After a few years, trainees developed reliable clients and no longer had to cold call. Morgan Stanley bought Dean Witter in 1997.

The advent of the national do-not-call registry in 2003 made cold calls risky. Widespread caller identification, the decline of landline phones and the proliferation of spam calls have since made it even harder to get strangers on the phone. Before the pandemic, in-person events such as seminars on investing were the best way to land new clients, Mr. Maselli said.

But Merrill and other firms continued to embrace cold calling, which senior advisers viewed as a rite of passage. Pre-pandemic, Merrill expected trainees to reach out to at least 45 prospects a week and hold meetings with six. Some current and former participants said they were told to reach out to dozens more. Many turned to purchased lists of phone numbers to meet the quotas.

By then, the pitch had changed. Merrill trainees were encouraged to focus on investing goals rather than products. Would-be advisers greeted prospects with phrases like: “We’re in the process of reviewing financial plans and would love to review yours,” trainees said. They were expected to bring in $12 million in assets by the end of the 3½-year-long program.

The pandemic threw Merrill’s adviser training into disarray. Trainees started working from home, where they were cut off from holding in-person meetings. They were encouraged to continue cold calling, they said.

Some trainees called people on the do-not-call list, a Merrill executive said in a memo earlier reported by Insider, which can lead to regulatory penalties. In July, the bank told trainees to stop prospecting for new business indefinitely.

Excerpt

[Sr K] WSJ 6:02 PM ET Fed to Create Payments System to Speed Money Transfers Move wil...

Sr K — 8/5/2019 10:51:17 PM

WSJ
6:02 PM ET

Fed to Create Payments System to Speed Money Transfers

Move will provide a public option to another real-time network built by big banks

wsj.com

[Sr K] Bank of America, First Data End Payments Partnership

Sr K — 7/29/2019 6:32:46 PM

[Sr K] 6/25/2019 Bank Of America Introduces A Digital Debit Card

Sr K — 6/25/2019 11:14:25 AM

[Sr K] WSJ Andrew Craig Helped Lead Wave of Consolidation Among U.S. Banks CEO built ...

Sr K — 6/9/2019 9:58:51 AM

WSJ

Andrew Craig Helped Lead Wave of Consolidation Among U.S. Banks

CEO built Boatmen’s into a big regional player, then extracted a rich price from NationsBank

By
June 7, 2019 10:30 a.m. ET

Emerging from Army service in 1957, Andrew Craig had job offers from International Business Machines Corp. and a drug company. He saw more opportunity in banking.

When he interviewed at banks, he wrote later, “I remember looking at their senior executives, who were all nearing retirement age, and thinking, ‘I want their jobs!’ ”

Mr. Craig, who died May 24 at age 88, went into banking when it was mostly a local business. By the time he retired, he had helped lead a consolidation wave that eliminated thousands of banks and created a few giants operating across the nation.

As CEO of St. Louis-based Boatmen’s Bancshares Inc. from 1988 to 1996, he used acquisitions to build a strong regional banker in nine central states. He gave executives baseball bats embossed with the order to “hit singles,” rather than swinging wildly for the fences. By the mid-1990s, consolidation by bigger banks made Boatmen’s look more like prey than a predator.

Mr. Craig agreed to sell Boatmen’s to NationsBank Corp. for $9.5 billion in 1996. The offer was about 2.7 times book value at a time when twice book value was considered pricey.

Mr. Craig served for 16 months as chairman of NationsBank. In 1998, NationsBank merged with BankAmerica Corp. and adopted the Bank of America name.

Reflecting consolidation, the number of U.S. commercial banks with federally insured deposits shrank to 8,777 in 1998 from 13,165 when Mr. Craig began his career 41 years earlier.

NationsBank’s CEO, Hugh McColl, was so eager to buy Boatmen’s that he arrived for negotiations in St. Louis in a Cardinals baseball cap. “Andy is a terrific trader,” Mr. McColl said after signing the deal. “That’s why the price is as high as it is.”

After retiring from Bank of America, Mr. Craig helped found a venture-capital firm, RiverVest Venture Partners.

[Sr K] Bank of America Ups Minimum Wage to $17 Per Hour; Expects to Reach $20 Per Hour ...

Sr K — 5/15/2019 2:26:20 PM

Bank of America Ups Minimum Wage to $17 Per Hour; Expects to Reach $20 Per Hour in 2021

BY MT Newswires
— 12:54 PM ET 05/15/2019

12:54 PM EDT, 05/15/2019 (MT Newswires) -- Bank of America ( BAC ) said on Wednesday that it raised its minimum wage to $17 per hour from $15 per hour as part of its plan that was announced last month to increase the minimum wage at the company to $20 in 2021.

The bank has more than 205,000 employees, according to a statement.

[Sr K] 29.25 down about 1.9% Headline at 10:42 AM: Bank of America's stock falls towa...

Sr K — 4/16/2019 11:29:07 AM

29.25 down about 1.9%

Headline at 10:42 AM:

Bank of America's stock falls toward biggest one-day, post-earnings decline in 4 years

Recovering, after a low at 10:10 AM

[Sr K] No posts for a year. In today's earnings release: Bank Of America (BAC) repurc...

Sr K — 1/16/2019 10:11:52 AM

No posts for a year.

In today's earnings release:

Bank Of America (BAC) repurchased $20.1 billion in common stock last year, and paid out $5.4 billion in dividends, it said. By the end of December, the bank had 9.67 billion common shares outstanding, compared with 10.29 billion a year ago.

[deeno] Board has been very quiets. A sure sign that there is more to go. This is the ...

deeno — 1/5/2018 1:34:44 PM

Board has been very quiets. A sure sign that there is more to go. This is the yEar we find out what the real earnings power is without (hopefully) leaking billions to the government. Bofa needs to show us it's being properly managed. Buybacks and increased dividends the result.

[Qualified Opinion] I stopped posting here because I moved on due to market valuations and an econom...

Qualified Opinion — 1/4/2018 5:17:56 PM

I stopped posting here because I moved on due to market valuations and an economy based on debt.
I'm more confident being in equity backed by mostly tangible real assets. I recovered.
The overall consumer debt has grown to record highs.
Debt will eventually have to be repaid.

[Sr K] 52-week high, 27.43 to level not seen since Nov 2008. latest 27.30

Sr K — 10/23/2017 12:32:27 PM

[Qualified Opinion] [youtube video]

Qualified Opinion — 10/14/2017 1:00:11 PM

[Qualified Opinion] bloomberg.com

Qualified Opinion — 10/12/2017 1:31:05 PM

[hollyhunter] Setting up. On watch for clear above 25.64. [graphic]

hollyhunter — 9/27/2017 5:36:21 PM

Setting up. On watch for clear above 25.64.

[Qualified Opinion] Rating Action: Moody's reviews Bank of America long-term ratings for upgrade Gl...

Qualified Opinion — 9/12/2017 6:08:21 PM

Rating Action: Moody's reviews Bank of America long-term ratings for upgrade

Global Credit Research - 12 Sep 2017

New York, September 12, 2017 -- Moody's Investors Service has put on review for upgrade all of the long-term ratings and counterparty risk assessments of Bank of America Corporation (BAC) and its subsidiaries, including its principal bank subsidiary, Bank of America N.A. (BANA). Moody's also affirmed all Bank of America entities' short-term ratings.

RATINGS RATIONALE

The review is driven by the recent improvements to BAC's profitability and management's commitment to a conservative risk profile, both of which provide additional support for Moody's expectation that the bank's profitability will be sustained at higher and less volatile levels going forward.

Moody's noted that BAC's profitability has improved steadily over the last two years. The earnings drag from BAC's legacy mortgage servicing and litigation matters has receded, and the bank's expense-management initiatives are continuing to bear tangible results. Higher interest rates have also provided a boost to earnings at BAC, which continues to have the most asset-sensitive balance sheet among its rated US peers. The rating agency believes that sustainably stronger profitability would be positive for the bank's creditors. During the review Moody's will assess the likelihood and sustainability of further improvements in BAC's profitability, and in particular the impact of higher deposit beta's on BAC's future profitability.

The review will also consider the sustainability of the more conservative risk profile which BAC has adopted relative to many of its peers. Evidence of BAC's more conservative risk profile includes the greater resiliency of its performance under the Federal Reserve's severely adverse stress tests as well as the firm's more cautious approach to loan growth than many of its peers in the context of low nominal US GDP growth. However, notwithstanding BAC's improving profitability, Moody's believes BAC's return on equity could remain below its cost of capital for some time, generating greater shareholder pressure which could lead management to increase its risk profile going forward. This would be negative for the bank's creditors.

Moody's also noted that BAC's credit profile has been strengthened by recent improvements to its capital position. BAC's capital payouts have been more conservative than peers over the last few years, allowing the firm to build capital. However, Moody's expects BAC's payouts to shareholders to increase going forward, subject to Federal Reserve approval. Higher payouts could result in some deterioration in BAC's capital position. The review will consider the bank's capital management plans in order to assess the impact on bank creditors of higher payouts in the future.

BAC's liquidity metrics remain strong, and the review incorporates Moody's expectation that they will hold steady at current levels.

WHAT COULD MOVE THE RATINGS UP/DOWN

BAC's ratings could be upgraded if the bank were to generate sustainable profitability greater than a 0.8% return on tangible assets without increasing its risk profile or reducing its liquidity or capital ratios materially. A key component of this will be maintenance of a conservative risk profile, reduced earnings volatility, as well as absence of major litigation or other sizeable operational risk charges or control failures.

Given that Bank of America's long-term ratings are currently under review for upgrade, a downgrade of the ratings is unlikely. However, upward pressure on the ratings would be reduced if the bank experiences a significant deterioration in its capital or liquidity levels relative to peers and targets, demonstrates a marked increase in its risk appetite, or experiences a major litigation or other sizeable operational risk charge or control failure.

moodys.com

[Qualified Opinion] bnn.ca

Qualified Opinion — 9/11/2017 7:31:33 PM

[Qualified Opinion] BAC should obtain exemption from buyback rules.

Qualified Opinion — 9/7/2017 12:11:55 PM

[Qualified Opinion] Per BM interview, BofA has $20 billion of excessive capital on the balance sheet...

Qualified Opinion — 9/1/2017 4:29:30 PM

Per BM interview, BofA has $20 billion of excessive capital on the balance sheet not being put to good use.
BM mentioned regulations.

[Qualified Opinion] Berkshire position is a reminder of what happens when management panics.

Qualified Opinion — 8/30/2017 12:20:43 PM

[Qualified Opinion] It's amazing BAC repurchases $1 billion of its stock per month and it's sitting ...

Qualified Opinion — 8/30/2017 9:58:16 AM

It's amazing BAC repurchases $1 billion of its stock per month and it's sitting under book value.
Book value is increasing.

[Qualified Opinion] This market has BofA doing back flips repurchasing its stock.

Qualified Opinion — 8/17/2017 10:38:12 PM

[Qualified Opinion] bloomberg.com

Qualified Opinion — 8/12/2017 12:57:03 PM

[Qualified Opinion] bloomberg.com

Qualified Opinion — 8/11/2017 4:33:23 PM

[Qualified Opinion] bnn.ca

Qualified Opinion — 8/9/2017 9:07:59 PM

[Qualified Opinion] bnn.ca

Qualified Opinion — 8/9/2017 3:34:38 PM

[Qualified Opinion] Per cc, one billion per month repurchase plan should increase due to excessive c...

Qualified Opinion — 7/20/2017 8:35:13 AM

Per cc, one billion per month repurchase plan should increase due to excessive capital on approval of next CCAR beginning 7/1/18.
I'm assuming no negative surprises in the economy.

[Qualified Opinion] bnn.ca

Qualified Opinion — 7/18/2017 2:35:03 PM

[Qualified Opinion] Unlike Buffett, we can fully hedge.

Qualified Opinion — 7/18/2017 8:21:51 AM

[Qualified Opinion] Tangible book value increased 55 cents per share during 2nd qtr.

Qualified Opinion — 7/18/2017 8:06:58 AM

[Qualified Opinion] BAC @ $24 is selling at 1.35 times reported tangible book value of $17.78. Total...

Qualified Opinion — 7/18/2017 7:50:08 AM

BAC @ $24 is selling at 1.35 times reported tangible book value of $17.78.
Total book value is reported at $24.88.

[Qualified Opinion] JPM @ $91.30 is selling at 1.713 times tangible book value of $53.29.

Qualified Opinion — 7/14/2017 9:46:56 AM

[Qualified Opinion] I prefer Buffett not owning BAC. Buffett is too big and has too much counter par...

Qualified Opinion — 7/1/2017 9:46:31 AM

I prefer Buffett not owning BAC.
Buffett is too big and has too much counter party risk to hedge himself.

[Qualified Opinion] Buffett exchange may have indicated the last dollar owns it. It's up to BAC to r...

Qualified Opinion — 6/30/2017 2:30:59 PM

Buffett exchange may have indicated the last dollar owns it.
It's up to BAC to reduce its float and increase its dividend over the next decade.

[Qualified Opinion] At an average price of $24.50, BAC should be able to repurchase 490 million shar...

Qualified Opinion — 6/29/2017 10:15:36 AM

At an average price of $24.50, BAC should be able to repurchase 490 million shares, excluding repurchase of compensation shares, over the next year or 1.96 million shares every trading day.

[Qualified Opinion] Dividend income funds may buy this year in anticipation of next dividend increas...

Qualified Opinion — 6/29/2017 9:59:53 AM

Dividend income funds may buy this year in anticipation of next dividend increase next year.
It would be nice to see the market valuation stay at or above book value which should be approximately $24.50 per share on 6/30/17.

[hollyhunter] On watch for clear above $24.00. [graphic]

hollyhunter — 6/29/2017 8:34:00 AM

On watch for clear above $24.00.

[Qualified Opinion] Maybe CCAR in 2018 would increase the cash dividend enough to justify a stock pr...

Qualified Opinion — 6/28/2017 6:58:20 PM

Maybe CCAR in 2018 would increase the cash dividend enough to justify a stock price around $ 30 per share. This is what happens when a liberal CEO gives in to a liberal government and reportedly pays out around $60 billion in fines on alleged actions committed by mostly Countrywide Financial prior to being acquired by BAC. BAC received the penalties with no rewards. It was bad enough to absorb the credit losses of Conntrywide Financial. This bank destroyed shareholders value and deserves to sell at a discount.

[Qualified Opinion] Liberal media couldn't be bothered to copy and paste it. I found it on bank's w...

Qualified Opinion — 6/28/2017 5:09:54 PM

Liberal media couldn't be bothered to copy and paste it.
I found it on bank's website at 4:50 pm.

Annual buyback $12.9 billion. Dividend increased to 12 cents per quarter.

[Qualified Opinion] federalreserve.gov

Qualified Opinion — 6/22/2017 4:58:11 PM

[Qualified Opinion] federalreserve.gov

Qualified Opinion — 6/17/2017 11:11:33 AM

[Qualified Opinion] Next annual capital return to shareholders could be between $12 billion and $14 ...

Qualified Opinion — 6/8/2017 6:29:22 PM

Next annual capital return to shareholders could be between $12 billion and $14 billion based on estimated earnings and percentage payout. One nonparticipating bank analyst expects a 75% return to shareholders which would put capital return near the higher end of the range. CCAR results to be released end of the month.

[hollyhunter] RSI(14) stands at 56.93 with positive bias. Bullish crossover in Stochastic osci...

hollyhunter — 5/8/2017 8:27:43 PM

RSI(14) stands at 56.93 with positive bias. Bullish crossover in Stochastic oscillator.

[Qualified Opinion] bnn.ca

Qualified Opinion — 4/19/2017 5:53:16 PM

[Qualified Opinion] BAC at $22.81 per share is valued at .94 times total book value and 1.32 times t...

Qualified Opinion — 4/18/2017 8:05:04 AM

BAC at $22.81 per share is valued at .94 times total book value and 1.32 times tangible book value.
JPM would be around $69 per share if valued in a similar way based on tangible book value.

[more100] JPM knocked it out of the park last week, and the prez caused everything to plum...

more100 — 4/18/2017 5:31:07 AM

JPM knocked it out of the park last week, and the prez caused everything to plummet anyhow. Hopefully, BAC brings the goods this week.

[Qualified Opinion] CCAR submission due 4/5/17. Results should be released end of June, 2017.

Qualified Opinion — 4/7/2017 10:37:18 AM

[more100] The wind began to switch, The bank, to pitch, And suddenly BAC started to unhitc...

more100 — 3/28/2017 4:07:09 AM

The wind began to switch, The bank, to pitch, And suddenly BAC started to unhitch, Now I'm BAC to being Rich.