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Bank of America Plans Shake-Up of Senior Leadership Ranks
Youtube· 2025-09-12 20:33
Let's get to this. I mean, Brian Moynihan is basically been there for like what, 15, 16 years now. There been a lot of questions about how much longer he would stay on and more importantly, what type of bench is behind him to succeed him when he's finally or I guess when the board is finally ready to let him go.Absolutely right. Brian Moynihan took over as CEO of Bank of America in January 2010. He's been there for 15 years.Outside of Jamie and Jamie is Jamie, by the way, also Jamie Dimon of Jp morgan has a ...
BofA appoints co-presidents as CEO says he will serve through the decade
Yahoo Finance· 2025-09-12 20:26
(Reuters) -Bank of America appointed Dean Athanasia and Jim DeMare as co-presidents, the U.S. lender said on Friday, as CEO Brian Moynihan reinforced his commitment to lead the second-largest bank in the country through the end of the decade. (Reporting by Ateev Bhandari in Bengaluru and Lananh Nguyen in New York; Editing by Alan Barona) ...
BofA appoints co-presidents as CEO Moynihan says he will serve through the decade
Reuters· 2025-09-12 20:26
Bank of America appointed Dean Athanasia and Jim DeMare as co-presidents, the U.S. lender said on Friday, as CEO Brian Moynihan reinforced his commitment to lead the second-largest bank in the country... ...
Bank of America Announces Senior Leadership Changes
Prnewswire· 2025-09-12 20:18
Core Viewpoint - Bank of America has announced key senior leadership appointments aimed at enhancing its global capabilities and driving long-term growth and returns for clients, shareholders, and communities [2][3]. Leadership Appointments - Dean Athanasia and Jim DeMare have been appointed as Co-Presidents of Bank of America, while Alastair Borthwick has been named Executive Vice President and Chief Financial Officer (CFO) [2][5]. - Athanasia and DeMare will oversee the company's eight lines of business and lead initiatives focused on market share and returns, AI-based tools, and operational excellence [6][7]. Experience and Achievements - Athanasia and DeMare bring nearly 60 years of combined experience in financial services, having successfully transformed businesses to focus on client needs and achieve industry-leading results [3][8]. - Under their leadership, Bank of America has reported significant growth metrics, including 26 consecutive quarters of net checking account growth and a 32% increase in deposits since 2019 [8]. Financial Stewardship - Alastair Borthwick has served as CFO for four years, strengthening the company's balance sheet and returning $7.3 billion to shareholders through dividends and share repurchases in the second quarter of the year [9]. - His role includes managing the global real estate portfolio and working closely with business leaders to enhance financial performance [9]. Strategic Focus - The company emphasizes a strategy of Responsible Growth, aiming to grow sustainably while serving individual, corporate, and institutional clients [4][10]. - The leadership team will focus on increasing market share, leveraging scale, and managing costs while continuing to innovate with AI tools [6][7].
X @Bloomberg
Bloomberg· 2025-09-12 19:58
Bank of America is planning a shakeup of its senior leadership ranks in a move that narrows the slate of leaders who could one day succeed long-time CEO Brian Moynihan https://t.co/MZ1QMoJwk8 ...
Fed Set to Pivot: Is Now the Right Time to Bet on BAC Stock?
ZACKS· 2025-09-12 13:51
Core Viewpoint - Bank of America (BAC) is positioned as a rate-sensitive bank, with net interest income (NII) growth expected to slow down due to anticipated Fed rate cuts, despite a projected 6-7% increase in NII for 2025 driven by loan demand and easing capital rules [1][8]. NII Growth and Economic Factors - The company benefited from a 100 basis point rate cut last year, leading to a sequential rise in NII since Q2 2024, supported by fixed-rate asset repricing and higher loan and deposit balances [2]. - Easing regulatory capital requirements and a potential increase in lending activity as rates decline are expected to support NII expansion [5]. Competitive Landscape - Peers like JPMorgan and Citigroup are also showing resilience in NII growth, with Citigroup projecting a 4% increase for 2025 and JPMorgan expecting a 3% rise [6]. Strategic Initiatives - Bank of America plans to open over 150 new financial centers by 2027, with 40 expected this year, as part of a strategy to enhance customer relationships and tap into new markets [7][10]. - The bank is investing heavily in digital initiatives to attract and retain customers, which is expected to boost cross-selling opportunities [11]. Financial Health and Shareholder Returns - As of June 30, 2025, Bank of America reported average global liquidity sources of $938 billion, maintaining a solid liquidity profile [12]. - The company has approved a $40 billion share buyback and raised its dividend by 8% to 28 cents per share, reflecting a commitment to rewarding shareholders [8][13][15]. Investment Banking Performance - After a challenging period, Bank of America's investment banking (IB) business is showing signs of recovery, with deal-making activities regaining momentum [16][17]. Asset Quality Concerns - Bank of America has experienced a decline in asset quality, with provisions increasing significantly over the past few years due to a worsening macroeconomic outlook [18][19]. Valuation and Earnings Estimates - Bank of America's stock is trading at a price-to-tangible book (P/TB) ratio of 1.88X, which is below the industry average of 2.93X, indicating it is relatively inexpensive [23][25]. - The consensus estimate for 2025 earnings is $3.68, with projected growth rates of 12.2% and 16.2% for 2025 and 2026, respectively [26].
Bank of America Announces Redemption of €2,000,000,000 of Floating Rate Senior Notes, Due September 22, 2026
Prnewswire· 2025-09-12 11:00
Accessibility StatementSkip Navigation CHARLOTTE, N.C., Sept. 12, 2025 /PRNewswire/ -- Bank of America Corporation announced today that it will redeem on September 22, 2025 all €2,000,000,000 principal amount outstanding of its Floating Rate Senior Notes, due September 22, 2026 (ISIN: XS2387929834; Common Code: 238792983) (the "Notes"). The Notes were issued under the Bank of America Corporation U.S. $65,000,000,000 Euro Medium-Term Note Program. The redemption price for the Notes will be equal to the Opti ...
'Y'all Street' is booming: What financial giants like Goldman Sachs and Bank of America are building in Texas
Business Insider· 2025-09-12 09:54
When it comes to finance, it's no longer New York or nowhere — and construction on Goldman Sachs' sprawling new campus is the clearest sign yet. The firm's new campus adds to a growing list of Wall Street names betting on Texas, drawn by low taxes, light regulations, and a cheaper cost of living. Banks and financial institutions are among hundreds of businesses hopping on the trend, setting up flashy campuses in Dallas, which some have coined "Y'all Street." Others, like Vanguard, are opening up regional ...
Stablecoins Now Hold $210 Billion. Here's How That Compares to Your Bank and Brokerage.
Yahoo Finance· 2025-09-12 08:45
Group 1 - The stablecoin market is projected to reach $2 trillion in the next three years, representing a tenfold increase, driven by regulatory frameworks like the Genius Act [1] - Stablecoins are defined as blockchain-based currencies typically pegged to traditional currencies, offering fast and low-cost payment processing without geographical constraints [2] - Initially serving as a bridge between traditional money and cryptocurrencies, stablecoins are now being explored by banks, retailers, and other entities for integration into their operations [3] Group 2 - The total volume of stablecoins in circulation exceeds $210 billion, surpassing the customer payables of several brokerages [5] - Tether has approximately $150 billion in circulation, while Circle's USD Coin totals nearly $63 billion; in contrast, Robinhood has over $7 billion in liquid assets, and Morgan Stanley has over $200 billion in customer payables [6] - Despite the growth of stablecoin deposits, traditional banks remain dominant, with JPMorgan Chase holding $2.1 trillion in deposits and Bank of America and Wells Fargo combined holding $3.3 trillion [8] Group 3 - If the transaction volume of stablecoins continues to grow at the current rate, they could potentially surpass existing payment systems within a decade, although uncertainties remain regarding the industry's future development [9]
Tariffs Deepen Retail Divide As Low-Income Shoppers Cut Back, Bank Of America Says
Benzinga· 2025-09-11 17:15
Retail Sales Performance - Bank of America Securities reported strong spending during the back-to-school season in August, particularly in apparel, indicating resilience in consumer activity despite inflation concerns [1] - Total retail sales excluding autos rose 1.9% year over year in August, an increase from 1.1% in July [1] Apparel and Clothing Trends - Clothing purchases increased by 4.4% in August compared to 3.5% in July, reflecting heightened demand as families prepared for the new school year [2] - Higher-income households increased their apparel spending, while lower-income households reduced purchases, leading to a widening consumption gap [2] Market Dynamics and Consumer Behavior - Analysts noted that price pressures are affecting budget-conscious consumers more severely, particularly with new tariffs impacting the supply chain [3] - Spending at discount apparel outlets grew by 1.3% in August, up from 0.8% in July, as shoppers shifted from full-price retailers [3] - Department store sales contracted by 0.8% in August, following a 0.4% decline in July [3] Category Performance - Specialty running channels saw a sharp decline compared to July, while direct-to-consumer footwear improved its performance [4] - Jewelry purchases grew by 8.6% and beauty sales expanded by 9% in August, maintaining their status as top-performing retail categories [4] - Athletic footwear and apparel lagged, declining by 2.4% in August after a smaller decline the previous month [4]