Bank of America

Bank of America CEO Brian Moynihan spoke at a Charlotte World Affairs Council lunch Wednesday at the Hilton.
David Boraks / WFAE

The new tax law is having a short-term negative effect on profits at the nation's banks. Most, like Bank of America which reported earnings Wednesday, have announced big one-time charges that cut into profits. But overall, the new law is a good thing for banks. 

Bank of America said Wednesday that its fourth-quarter profits fell by nearly half from a year ago, as the bank had to record $2.9 billion in charges related to the new tax law. But setting aside those charges, the bank is showing signs that whatever damage was left over from the financial crisis is largely healed.

Friday was third-quarter earnings day at both Bank of America and Wells Fargo.  BofA beat Wall Street expectations with a bigger profit than a year ago. But Wells Fargo investors were disappointed, as legal expenses related to past mortgage practices contributed to a sharp drop in profits.

Billionaire Warren Buffett's investment company became Bank of America's biggest stockholder this week and it’s already sitting on a big profit.

Bank of America sign
Jennifer Lang / WFAE

"Against modest economic growth of 2 percent, we had one of the strongest quarters in our history." That is how Bank of America CEO and Chairman Brian Moynihan characterized the Charlotte based bank's second quarter results this morning. B of A saw profits rise 10 percent from last year with net earnings of $5.3 billion for the quarter.

bank of america sign
MoneyBlogNewz / Flickr / https://www.flickr.com/creativecommons/by-2.0/

Billionaire Warren Buffett's company is about to become Bank of America’s largest investor, when it exercises rights to buy 700 million shares in the bank. The purchase will mean a big payoff, at least on paper, for Berkshire Hathaway's cash infusion to the bank six years ago. 

A Charlotte-based bank started by former Bank of America executives is being sold. Capital Bank will become part First Horizon of Memphis, Tennessee, in a $2.2 billion-dollar deal announced Thursday morning.

Bank of America sign
Jennifer Lang / WFAE

Bank of America shareholders on Wednesday rejected a series of stockholder proposals, including one that would have required the jobs of chairman and CEO to be separate. During the company's annual meeting uptown, shareholders also easily elected the company's 14 nominees to the board.

Bank of America sign
Jennifer Lang / WFAE

Higher interest rates are helping boost financial results at Bank of America. The bank says profits rose 40 percent in the first three months of the year, compared with a year ago. B of A also saw growth in all its major businesses.

Bank of America CEO Brian Moynihan spoke at a Charlotte World Affairs Council lunch Wednesday at the Hilton.
David Boraks / WFAE

Bank of America CEO Brian Moynihan sees a lot of optimism over the U.S. economy following the election of President Donald Trump. But at a Charlotte World Affairs Council lunch Wednesday, he said North Carolina continues to lose out because of House Bill 2, the 2016 law that limits protections for LGBT people.

Pages