Merrill Lynch & Co. Inc. reported a fourth-quarter loss 3.5% higher than what Bank of America Corp. had projected last month.
The New York investment bank, which B of A bought Jan. 1, lost $15.84 billion, according to its annual filing with the Securities and Exchange Commission. B of A had estimated in a Jan. 16 earnings conference call that Merrill would post a loss of $15.31 billion. B of A lost $1.79 billion in the quarter. Merrill reported a full-year loss of $27.6 billion.
The Philadelphia-based bank's parent company, Republic First Bancshares, had been roiled by a yearslong proxy battle involving activist investors groups and its former CEO.
The Wyoming-based digital asset bank filed paperwork to challenge last month's district court ruling, which affirmed the Federal Reserve's view about its discretion over master account applications.
The former head of the Consumer Financial Protection Bureau resigned Friday after the troubled rollout of the Free Application for Federal Student Aid led some House Republicans to call for his resignation.
The San Antonio-based bank said that loan growth, fueled in part by its expansion in key Texas markets, may compensate for pressure on deposits. It slashed the number of rate cuts it expects this year from five to two.
Mississippi's Renasant names its next CEO; environmental fintech Aspiration Partners spins out its consumer brand; the OCC adds five weeks to comment period for Capital One-Discover merger; and more in the weekly banking news roundup.
The Wisconsin banking company forecasted loan growth of 4% to 6% for the full year, driven by an expansion into new commercial and consumer credit lines as well as enduring economic strength in the Midwest.
