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Imani Moise

Bank of America puts investments over cost cuts as 'operating leverage' fades

16 Oct 2019

NEW YORK For the first time in nearly five years, Bank of America Corp did not rely on cost cuts to amplify profits – the latest sign of big U.S. banks prioritizing investments in their businesses over short-term gains.

Bank of America beats profit estimates on surge in advisory, lending

16 Oct 2019

Bank of America Corp beat Wall Street estimates for quarterly profit on Wednesday as it earned more in advisory fees and its loan book expanded, easing concerns that lower interest rates would crimp growth at the second-largest U.S. bank.

Wells Fargo reports falling profit as legal costs mount

15 Oct 2019

Wells Fargo & Co reported lower profits on Tuesday as the bank braced for additional legal expenses tied to a scandal that erupted more than three years ago.

Big banks say U.S. consumers sturdy as businesses quiver with growth fears

15 Oct 2019

NEW YORK Quarterly results from four of the largest U.S. banks on Tuesday showed that American consumers are helping to prop up the economy, even as recession fears have led businesses to pull back on spending and borrowing. | Video

Consumer banking powers Citigroup's profit beat

15 Oct 2019

Citigroup Inc reported higher-than-expected earnings on Tuesday off the back of its global consumer business, showing consumer spending and sentiment remain high.

Exclusive: Wells Fargo beefs up mortgage division to cope with higher volumes

10 Oct 2019

Wells Fargo & Co is boosting its teams that process mortgage loans to prepare for higher mortgage volumes, changing course after it laid off about 1,000 employees https://www.reuters.com/article/us-wells-fargo-layoffs/wells-fargo-plans-1000-u-s-job-cuts-idUSKCN1NK2P7 in the division in 2018, according to a memo viewed by Reuters.

Bank of America, Morgan Stanley eye growth in employee-benefits management

30 Sep 2019

NEW YORK Morgan Stanley and Bank of America Corp are expanding the employee-benefits services they offer, hoping to gain market share in the dull-but-reliable business of managing wealth for companies and employees.

Wells Fargo taps one-time Dimon protégé Scharf to lead turnaround

27 Sep 2019

After a difficult, months-long search for a new chief executive, scandal-plagued Wells Fargo & Co named as its next leader Charles Scharf, a one-time Jamie Dimon protégé known on Wall Street as a detail-oriented number cruncher who excels in streamlining operations.

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