Bank of America plans to open up an office in New York for customers with more than $50 million in assets to invest, The American Banker said.
Once the bank opens up its first ultra-high-net-worth office in New York it will open up more in Boston, San Francisco, Los Angeles, Chicago, Dallas and in Southern Florida, said Alan Rappaport, who heads the Charlotte-based bank's wealth advisors group, the daily said.
Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
Tests of models from OpenAI, Google and others found their advice tends to disadvantage names commonly associated with racial minorities and women.
Federal Reserve Governor Michelle Bowman said she believes there is a feasible path forward for the revised capital reform proposal, emphasizing the importance of making broad changes informed by industry feedback to achieve broad consensus among Federal Reserve board members.
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
