Fiserv's Money Network will officially start managing the state's prepaid debit card program for distributing unemployment and disability benefits to 850,000 beneficiaries. BofA had been trying to exit its contract for several years due to financial risks.

Plaintiffs' lawyers are targeting various companies in connection with a California law that ensures customers can air grievances publicly without the threat of retribution. BofA and U.S. Bank say the suits against them are meritless.

Financial institutions, led by the biggest U.S. banks and regional lenders, have dominated high-grade issuance, making up over 60% of the $149 billion that has priced so far this month.

Personal spending chugged along in the fourth quarter, thanks to the resilient job market. But loan charge-offs rose, and higher interest rates suppressed loan demand, executives say.

In 2023, the four giant banks raked in $253 billion in NII , about $80 billion higher than 2021's total. Now, most banks see rate cuts coming, all while they have to pay more on deposits or risk losing customer savings to higher-yielding options. 

The decline in profit came mainly from a $2.1 billion FDIC assessment and a $1.6 billion charge tied to the shift away from LIBOR.

After being undercapitalized for decades, some minority-led banks finally got large capital infusions in the wake of George Floyd's murder. But higher interest rates have made it harder for them to gather the deposits they need to boost lending substantially.

The megabank will report a hit to its earnings this Friday from what one analyst called an "accounting nuisance." The charge, which BofA will make up over time, is due to the bank's use of a Bloomberg-developed interest rate index that gained little traction.

Executives at America's largest banks are making rosier predictions about the financial health of U.S. households than they were a year ago, when their forecasts proved to be overly pessimistic.

Rewards jumped as the Covid-19 pandemic spurred trading and deals in 2020, eventually setting off a war for talent. They then collapsed last year as rising interest rates put a damper on client activity — a malaise that stretched through 2023.

The Ohio Democrat is pressuring the CEOs of JPMorgan Chase, Bank of America, Citigroup and Wells Fargo to proactively provide financial benefits to active-duty service members. Those protections are enshrined in a 2003 law, but many service members do not seek them out.

More than half of those elevated to the senior role were women or people of color, marking the fourth consecutive year that historically underrepresented groups made up the majority of the class.

What do younger clients want from wealth managers? Katy Knox, president of Bank of America's Private Bank, sits down with American Banker Editor-in-Chief Chana Schoenberger to discuss the future of high-net-worth investing and what clients are looking for now.

Banks including Morgan Stanley, HSBC, Goldman Sachs and JPMorgan Chase have announced individual sustainable finance targets for 2030 that range from $750 billion to $2.5 trillion. Yet such statements leave investors with little real insight into the very different ways in which banks are defining what's sustainable.

At first blush, the deal might provide evidence that the bank doesn't shun the oil and gas industry as the label suggests. In fact, Bank of America has been named by environmental groups as one of the biggest financiers of fossil fuels in the world.

The biggest laggard among the US banking giants, BofA's investments earn less than its closest rivals, and the stock is the group's worst performer by far.

U.S. Bancorp and Truist picked literal names for their virtual assistants to avoid confusing customers, while Fifth Third and Regions created characters called "Jeanie" and "Reggie" to put clients at ease. Other companies are trying to split the difference.