U.S. stock index futures gave up some gains on Friday after disappointing quarterly reports from Bank of America and Wells Fargo. Shares of Bank of America fell 0.7% to $22.76 in premarket trading after the lender's quarterly profit beat estimates, but its revenue fell short.
Years of stubbornly low interest rates and expectations they will remain low for years to come have prompted U.S. banks to shift their balance sheets in ways that put them at risk if rates suddenly spike, regulators are warning.
Wall Street closed slightly higher today to mint new record highs for the S&P 500 and the Dow industrials, fueled by Bank of America's better-than-expected profit and a major tech sector acquis
Bank of America Corp. reported a 19% drop in second-quarter profit today as growth in businesses from lending to trading failed to offset the impact of persistently low interest rates.
Five out of eight of the biggest U.S. banks do not have credible plans for winding down operations during a crisis without the help of public money, federal regulators said on Wednesday.
JPMorgan Chase & Co urged shareholders on Thursday to vote against appointing a committee to explore a break up of the bank, reiterating that splitting its businesses would not be in investors'
Bond insurer Ambac Financial Group Inc said JPMorgan Chase & Co will pay $995 million to settle disputes related to residential mortgage-backed securities.
Citigroup Inc, the No. 3 U.S. bank by assets, reported a 51% jump in quarterly profit as lower costs more than made up for a fall in revenue amid increased market volatility and uncertainty about the timing of a U.S. interest rate hike.
