Brian Moynihan

Berkshire still holds almost 962 million shares, the filing shows — worth $39.5 billion at Monday's closing price.

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.

Customers are ramping up borrowing just as interest rates are poised to rise. That combination “sets us up nicely for 2022,” says CEO Brian Moynihan.

An international coalition led by Bank of America chief Brian Moynihan has proposed a framework for assessing how well big corporations are meeting the environmental, social and governance expectations of investors who value stakeholder capitalism.

Bank of America Chief Executive Brian Moynihan called for another round of federal stimulus to help the U.S. reach a full economic recovery from the coronavirus pandemic.

Bank of America was the latest large bank to report a second-quarter drop in the key earnings metric after a March surge in credit line utilizations gave way to rapid payoffs in May and June.

Second-quarter earnings fell by more than 50% from the same period last year after the company allocated $5.1 billion for potential loan losses.

The bank is encouraging staff to take the day off Friday to commemorate the end of slavery, but intends to keep branches open.

The funds will be used to support housing, job training and aid for small businesses in communities that have been disproportionately affected by the pandemic.

Investors are looking past signs of weakness and toward an eventual recovery, but top executives at BlackRock, Citigroup, Goldman Sachs and other financial firms remain cautious as many cities and states remain in partial lockdown to slow the spread of the coronavirus.