CHARLOTTE, N.C., Jan. 7, 2025 /PRNewswire/ -- Bank of America Corporation announced today that it will redeem on January 23, 2025, all $2,000,000,000 principal amount outstanding of its 3.366% Fixed/Floating Rate Senior Notes, due January 2026 (CUSIP No. 06051GGZ6) (the "Notes"), at a redemption price equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest to, but excluding, the redemption date of January 23, 2025.  Interest on the Notes will cease to accrue on the redemption da ...

Ken Sheldon to focus on Global Commercial Banking MANCHESTER, N.H., Jan. 7, 2025 /PRNewswire/ -- Bank of America has named Matt Reilly president of Bank of America New Hampshire. As president and head of the market, Reilly will connect clients, teammates and communities to the full power of the franchise and drive integration across the bank's eight lines of business. He succeeds Ken Sheldon, who successfully led the market for nearly 14 years and will continue as Global Commercial Banking senior relationsh ...

Bank of America (BAC) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended December 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report. On the other hand, if they miss, the stoc ...

Warren Buffett, the legendary Oracle of Omaha and arguably the most famous investor to have ever lived, owes a great deal of his success to his buy-and-hold approach that tends to focus on blue-chip dividend stocks. Berkshire Hathaway's huge positions in dividend stalwarts like Bank of America Corp. NYSE: BAC and Apple Inc. NASDAQ: AAPL earn the company billions of dollars in dividend distributions annually. Stable dividend stocks can be a strong defensive maneuver during periods of market turbulence—these ...

Gold - Gold prices are forecasted to average $2,750 per ounce in 2025, driven by geopolitical uncertainty, central bank purchases, and investor demand [3][14][27] - Gold remains a standout asset due to its resilience in the face of rising rates and its role as a safe-haven asset amidst US fiscal challenges [28][29] - Central banks continue to view gold as a key diversifier, with investor holdings having room to grow as historical allocation levels remain below past peaks [19][26] - The expectation of lower US real rates over the next 12 months is crucial for gold's performance, despite its weakened relationship with real rates [16][36] - Analysts' top picks for gold in 2025 include Agnico Eagle Mines Ltd, Franco-Nevada Corporation, Wheaton Precious Metals Corp, Northern Star Resources Ltd, and AngloGold Ashanti, all well-positioned to benefit from rising gold prices [17] Silver - Silver is set to benefit from strong industrial demand, particularly from the solar and electric vehicle sectors, as well as supply constraints [2][20][21] - The solar sector accounts for the largest category under industrial consumption, driving growth in silver demand [5][21] - China's shift from a net exporter to a net importer is tightening global silver supplies, with no meaningful supply increases expected in 2025 [6][20] - Silver's performance is closely tied to global industrial production, with its price benefiting from an economic recovery in the coming months [30][39] - Bank of America analysts believe silver is well-positioned for price gains due to its solid fundamental backdrop and its role in the energy transition [22][40][45] Platinum - Platinum's market is expected to tighten due to supply-side pressures, with a larger deficit forecasted in 2025 [23][32][41] - Rising production costs and the potential for mine supply to remain flat or decline pose risks, with a high risk of supply disappointments [8][34] - Platinum fundamentals look stronger than palladium due to its lower exposure to the auto industry, although automotive demand is expected to decline by 2% year-over-year in 2025 [13][42] - Investor sentiment favors platinum over palladium, although hesitation remains in committing to platinum positions [9][43] - A potential import ban on Russian materials could lead to price increases for both platinum and palladium, with platinum expected to see stronger prices in the latter half of 2025 [10][31][46] Palladium - The palladium market remains under pressure due to surpluses, with no wholesale reassessment of fundamentals expected despite a price rebound in autumn 2024 [35][44] - Electric vehicles gaining market share are reducing demand for palladium, further contributing to its surplus [48] - A potential import ban on Russian materials could lead to a sharp rally in palladium prices, causing it to trade at a premium to platinum [10] General Precious Metals Outlook - The outlook for precious metals in 2025 is promising, with analysts expressing confidence in the performance of gold, silver, and platinum [24] - Diversification and safe-haven flows remain key drivers of investor interest in precious metals, particularly in an environment of elevated geopolitical risks and macroeconomic volatility [1][11] - Rising US funding needs and debt servicing costs are expected to enhance gold's appeal as a safe-haven asset [28] - The broader PGM market remains under pressure, particularly as electric vehicles continue to gain market share and reduce demand for palladium [48]

Industry Overview - The US economy started 2024 strong due to a robust labor market, increased consumer spending, technological advancements, and optimism over potential interest rate cuts by the Federal Reserve [15] - As interest rates decrease, funding/deposit costs are expected to stabilize and decline, supporting expansions in banks' net interest income (NII) and net interest margin (NIM) [18] - The US presidential election results fueled optimism around banks due to anticipated tax cuts, favorable regulations, and expansionary fiscal measures, stimulating economic growth [18] - Major banks like Wells Fargo, Citigroup, and Bank of America rose more than 30% in 2024 [16] - Banks have increased capital distribution activities after the clearance of the 2024 stress test and are diversifying revenue streams to reduce dependency on spread income [5] - Several banks are acquiring or forming partnerships to strengthen non-interest income and venture into the lucrative private credit business [5] - Banks are adopting digital technologies to enhance client experience and online presence to capture a rising mobile banking population [6] - Buyouts and collaborative efforts to deepen global presence and diversify revenue streams will further bolster fee incomes [6] - Weakness in asset quality is likely to persist in certain portfolios, especially in commercial real estate loans, but banks still have room to grow [19] Wells Fargo (WFC) - Lifting the asset cap will mark a turning point for Wells Fargo, allowing the bank to offer loans without restrictions and supporting its top-line expansion and long-term growth [1] - Wells Fargo significantly raised advisor retention in its wealth and investment management division and emphasized serving consumer banking clients and independent advisers [8] - The company aims to expand its treasury management business and provide clients with investment banking and market capabilities in the Commercial Bank division [8] - Wells Fargo's NII and NIM have been subdued by increased funding costs due to the high-interest rate environment, with management expecting 2024 NII to drop 9% year-over-year [9] - The company is diverging revenue sources and reducing reliance on NII, methodically strengthening its corporate investment bank [29] - Wells Fargo is in the final stages of meeting regulatory requirements to remove the $1.95-trillion asset cap imposed in 2018, which could be lifted in the first half of 2025 [32] - The Zacks Consensus Estimate for WFC's 2024 and 2025 revenues is $82.6 billion and $83.6 billion, suggesting a 0.02% year-over-year increase and 1.2% growth, respectively [20] - The Zacks Consensus Estimate for WFC's 2024 and 2025 earnings per share is $5.28 and $5.49, implying a 2.8% year-over-year decline and 4% growth, respectively [33] Citigroup (C) - Citigroup continues to emphasize growth in core businesses through streamlining consumer banking operations globally [11] - The company completed the separation of its institutional banking business in Mexico from its consumer, small and middle-market businesses in December 2024 [11] - Citigroup sold its China-based onshore consumer wealth portfolio to HSBC China in June 2024 and is winding down its UK retail banking business while expanding personal banking and wealth management in the region [11] - CEO Jane Fraser is executing a sweeping overhaul of the bank to enhance performance, reduce costs, and simplify business operations [23] - The company projects revenues to see a compounded annual growth rate of 4-5% and annualized run rate savings of $2-$2.5 billion by the end of 2026 [24] - The Zacks Consensus Estimate for C's 2024 and 2025 revenues is $81 billion and $83.3 billion, implying a 3.2% year-over-year increase and 2.8% growth, respectively [25] - The Zacks Consensus Estimate for C's 2024 and 2025 earnings per share is $5.88 and $7.21, indicating a 2.7% year-over-year decline and 22.6% growth, respectively [12] Bank of America (BAC) - Bank of America is expected to benefit from the current high-rate regime and decent loan demand [13] - With the Federal Reserve cutting interest rates, Bank of America is expected to witness improvements in NII and net interest yield [26] - Management expects NII in the fourth quarter of 2024 to improve sequentially and expand further next year [26] - The company is focused on acquiring the industry's best deposit franchise and strengthening the loan portfolio [27] - As of September 30, 2024, the company's net loans and leases were $1.06 trillion, increasing modestly from the end of September 2023 [27] - The Zacks Consensus Estimate for BAC's 2024 and 2025 revenues is $101.8 billion and $106.5 billion, suggesting a 3.3% year-over-year increase and 4.6% growth, respectively [3] - The Zacks Consensus Estimate for BAC's 2024 and 2025 earnings per share is $3.27 and $3.67, indicating a 4.4% year-over-year decline and 12.3% growth, respectively [14]

Bank of America (BAC -0.47%) shareholders have plenty to celebrate heading into 2025. The combination of a resilient economy, climbing financial asset prices, and optimism toward lending conditions have propelled the stock to a fantastic 31% return during the past year.The megabank's upcoming fourth-quarter earnings report on Jan. 16 will be an opportunity for management to reaffirm these positive trends and set the tone for the stock in the new year.Can the rally keep going, and should you buy Bank of Amer ...

Warren Buffett’s Berkshire Hathaway (NYSE: BRK.A, BRK.B) attracted significant attention earlier in 2024 for its aggressive stock selling, which included trimming sizable holdings in Bank of America (NYSE: BAC) and Apple (NASDAQ: AAPL).Recently, however, the legendary ‘Oracle of Omaha’ has shifted gears, making notable purchases that have once again captured headlines. Among these is a recent $28 million investment in shares of VeriSign Inc. (NASDAQ: VRSN), as revealed in SEC filings.According to the filing ...

CHARLOTTE, N.C., Dec. 26, 2024 /PRNewswire/ -- Bank of America Corporation announced today that it will redeem all outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series MM (CUSIP No. 060505FR0), liquidation preference $25,000 per share (the "Preferred Stock"), and the corresponding depositary shares each representing a 1/25th interest in a share of the Preferred Stock (CUSIP No. 060505FQ2) (the "Depositary Shares"). The Depositary Shares will be redeemed simultaneously with ...

Bank of America (BAC) ended the recent trading session at $44.38, demonstrating a +1.12% swing from the preceding day's closing price. The stock outperformed the S&P 500, which registered a daily gain of 1.1%. On the other hand, the Dow registered a gain of 0.91%, and the technology-centric Nasdaq increased by 1.35%.The nation's second-largest bank's shares have seen a decrease of 7.6% over the last month, not keeping up with the Finance sector's loss of 4.4% and the S&P 500's gain of 0.22%.The upcoming ear ...