Kim Stolz went from MTV VJ to Wall Street, where she now advises ultrawealthy clients. Stolz told Business Insider how she knocked on doors to land her first trading internship. Her story shows that unconventional paths to Wall Street are possible. Kim Stolz is a private client advisor at Bank of America Private Bank, managing the fortunes of ultrawealthy families. She was first introduced to millions on "America's Next Top Model" and as an MTV host. She pivoted to Wall Street in 2010, working at fi ...

Core Insights - Bank of America (BAC) and Truist Financial (TFC) are positioned differently in the current interest rate environment, with BAC leveraging its scale and diversified services while TFC focuses on regional expansion and digital banking [1][2]. Group 1: Bank of America Analysis - BAC is expected to experience a modest decline in net interest income (NII) due to the Federal Reserve's interest rate cuts, but projects NII to rise 6-7% in 2025, reaching $15.5-$15.7 billion in Q4 [3][4][11]. - The bank's expansion strategy and digital services, including Zelle and Erica, are anticipated to enhance customer relationships and drive NII growth over time [5][6]. - Operating expenses are expected to remain elevated due to the expansion plan, with non-interest expenses projected to rise moderately in 2025 [7]. Group 2: Truist Financial Analysis - TFC is less sensitive to interest rate changes and is focusing on strengthening its balance sheet and enhancing non-interest revenue sources following the divestiture of its insurance subsidiary [8][10]. - The company plans to open 100 new branches and renovate over 300 existing locations in high-growth cities over the next five years, while also investing in its business banking ecosystem [9]. - TFC expects nearly 3% NII growth in 2025, driven by loan growth and asset repricing, with management planning to reprice approximately $27 billion of fixed-rate loans and securities [12][13]. Group 3: Comparative Performance and Valuation - In terms of stock performance, TFC shares have risen 5.4% while BAC shares have increased by 17.9% this year, indicating BAC's stronger price performance [14]. - TFC is trading at a forward P/E of 10.76X, while BAC is at 12.6X, suggesting TFC is currently undervalued compared to BAC [15][16]. - BAC has a return on equity (ROE) of 10.25%, significantly higher than TFC's 8.69%, reflecting BAC's efficient use of shareholder funds [20]. Group 4: Earnings Estimates - The Zacks Consensus Estimate for BAC indicates earnings growth of 12.5% in 2025 and 15.9% in 2026, with upward revisions in the past week [22]. - For TFC, the earnings estimates indicate a rise of 4.3% in 2025 and 14.3% in 2026, with no changes in the past week [24]. Group 5: Investment Outlook - Given the Fed's easing cycle, BAC is better positioned to capitalize on lower rates through its scale and diversified income streams, despite potential near-term expense increases [25]. - TFC, while offering a higher dividend yield, faces modest earnings growth and may appeal to value investors due to its discounted valuation [26].

Group 1 - Bank of America Corporation (NYSE:BAC) is recognized as one of the 11 cheap quarterly dividend stocks to buy currently [1] - The company is one of the largest consumer banks in the US, with a diverse range of services including commercial and investment banking, wealth management, and global markets [2] - Bank of America's strategy focuses on regulatory compliance, technology adoption, risk management, and strong human capital to enhance client service and operations [3] Group 2 - Bank of America has increased its dividends for 11 consecutive years, with a current quarterly dividend of $0.28 per share and a dividend yield of 2.17% as of September 23 [4]

Core Insights - The Risk Asia Awards 2025 recognize excellence in various categories related to risk management and financial services across Asia [1][2][3] Group 1: Derivatives Awards - Derivatives house of the year for Asia is awarded to UBS [1] - Other notable winners include Daiwa Securities for Japan, Crédit Agricole CIB for Hong Kong and South Korea, and OCBC Bank for Singapore [1] - The award for derivatives house of the year in China goes to Shenwan Hongyuan Securities, while CTBC Bank wins for Taiwan [1] Group 2: Specialized Awards - Standard Chartered is recognized as the interest rate derivatives house of the year [1] - BofA Securities wins the currency derivatives house of the year award [1] - UBS is awarded both equity and credit derivatives house of the year [1] Group 3: Technology and Risk Solutions - Murex is named technology vendor of the year and also wins for system support and implementation [2] - S&P Dow Jones Indices is recognized for quantitative investment solutions [2] - FactSet is awarded for risk solutions [2] Group 4: Compliance and Risk Management - The best AI solution for risk management is awarded to SAS Institute [2] - Wolters Kluwer receives multiple awards for various risk management solutions including IFRS 9 and credit risk management [2] - NICE Actimize is recognized for its AML solution of the year [2]

Core Insights - Bank of America has appointed Kelly Firment as the new president of Bank of America Delaware, succeeding Chip Rossi who retired after a 40-year career with the bank [1][3] - Kelly Firment will also continue her role as Small Business and Vehicle Client Services Executive, overseeing services for over 3.4 million small business clients and 1.8 million vehicle lending clients [4] Company Overview - Bank of America is a leading financial institution serving approximately 69 million consumer and small business clients through around 3,700 retail financial centers and approximately 15,000 ATMs [7] - The bank is recognized for its digital banking services, with approximately 59 million verified digital users, and offers a wide range of financial products and services globally [7] Leadership and Community Engagement - Kelly Firment has a long history with Bank of America, having joined in 1988, and has held various influential roles in operations, strategic planning, and marketing [3] - She is committed to community empowerment and has served in advisory roles at several universities, focusing on leadership development and mentorship opportunities [5]

Group 1 - Wealthy investors in the U.S. and Asia have cancelled plans to invest in U.S. hedge funds, shifting focus to Europe and the Middle East [1] - Half of the allocators who previously intended to invest in U.S. hedge funds have abandoned these plans according to a Bank of America survey [1][2] - The survey included 263 respondents representing approximately $840 billion in industry cash, showing European allocations exceeded expectations by 8% [2] Group 2 - U.S. and Asian investors are increasingly investing in hedge funds based in Europe and the Middle East, where many global hedge funds have established operations [2] - Hedge funds managing over $10 billion are favoring separately managed accounts, which are special investment vehicles created for individual allocators [3] - So far this year, firms such as pension funds, sovereign wealth funds, and family offices have invested $37 billion into hedge funds, marking the highest influx of new money since at least 2016 [3] Group 3 - In public markets, there has been a recent return of money to U.S. equity funds, with weekly flows reaching a year-to-date high of nearly $58 billion [4]

Can’t we all just get along? Dynasty Financial Partners announced a minority stake in a massive new RIA with $129 billion in client assets that recently broke away from Merrill Lynch. It’s one of the largest deals in recent memory and will add some 160 financial advisors to the Dynasty platform, according to a Form ADV. It’s the latest example of the breakaway movement that has lured thousands of advisors and advisory teams away from wirehouses and into the independent channel. The blockbuster move has a ...

Core Insights - September has been a remarkable month for U.S. equities, with all four major benchmarks reaching record highs, prompting investors to consider diversification strategies [1] Group 1: Market Trends - Bank of America reported that large cap stocks experienced net outflows of $5.2 billion, marking the largest weekly outflows since October 2024, with clients being net sellers for the second consecutive week [2] - The trend indicates a shift from individual stock sales to diversified exchange-traded funds (ETFs), particularly sector-specific ones, with tech stocks seeing the largest outflows among the sectors [3][4] - Investors are moving profits from single tech stocks into multi-stock exposure through ETFs, while also favoring Blend, Value, and Dividend ETFs following the Federal Reserve's recent interest rate cut [4] Group 2: Sector Performance - Small cap stocks have gained attention post-Fed cut, witnessing inflows in three of the past four weeks, while mid caps have lost ground [5] - Despite September typically being a weak month for U.S. stocks, the NASDAQ Composite has risen over 4.66% in the last month due to optimism around easing interest rates [6] Group 3: Future Outlook - The current market positioning occurs just before the historically strong fourth quarter for stocks, although concerns about high equity valuations and the sustainability of Fed-induced excitement remain [7]

Core Viewpoint - The U.S. stock market is considered "extremely expensive," but a deeper analysis suggests that high valuations may be justified due to the inherent qualities of current index constituents [1][4]. Group 1: Valuation Indicators - 19 out of 20 internal indicators tracked by Bank of America show that the S&P 500 index is at statistically high trading prices, with 4 indicators reaching historical highs [1]. - The S&P 500's 12-month forward P/E ratio has reached a high of 22.9, a level only surpassed during the dot-com bubble and the summer of 2020 [2]. Group 2: Market Characteristics - Current index constituents exhibit lower financial leverage, reduced earnings volatility, higher efficiency, and more stable profit margins compared to previous decades, supporting the high valuations [1]. - The S&P 500 index has surged over 30% since its low on April 8, and has not seen a decline of more than 2% for 108 consecutive trading days, marking the longest such period since July 2024 [1]. Group 3: Economic Context - Despite risks from U.S. tariff policies and their potential impact on economic growth and inflation, the quality of current index constituents may lead to better performance in a low-interest-rate environment [4]. - The likelihood of a "tail event" occurring by 2026 is considered higher than the chances of stagflation or recession, given the current fiscal policy landscape and the Fed's actions [5].

Rubicon Carbon Chairwoman, Former Bank of America Vice Chair Anne Finucane speaks with Bloomberg's Paul Sweeney and Tom Keene at the Bloomberg Global Forum about transition finance and global outlook. ...