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The Latest Breaking News from Bank of America

Small businesses weigh banking options amid bank turmoil

The recent banking turmoil has been a jolt for small businesses of all stripes, spurring many to scrutinize their banking services and mull whether or not they should make changes

The Independent UK

City backs 3 subsidized housing plans for La Salle Street corridor

The proposals deemed eligible for city subsidies together call for more than 1,000 housing units, a third of them affordable, and more than $550 million in investment to address downtown vacancies.

Chicago Sun-Times

Bank of America becomes new Boston Marathon sponsor

The bank has sponsored the Chicago Marathon for the last decade. Unlike that race, which is officially named the Bank of America Chicago Marathon, the Boston Marathon will keep its name, with the “presented by Bank of America” tagline.

Chicago Sun-Times

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It may not be 2008 all over again – but this banking turmoil is not without danger

New approach is needed to get UK through looming credit crunch after failure of recovery from crash

The Guardian - UK

"Pro-climate" banks funding fossil fuels

The disconnect between words and actions has outraged climate activists

Salon

The 10 best secured credit cards for 2024

We compared dozens of secured credit cards across numerous financial institutions and weighed minimum account deposits, annual fees, credit limits, rewards, and more.

Fortune

Climate activists target nation's big banks, urging divestment from fossil fuels

Across the U.S. on Tuesday, people gathered outside major banks demanding that financial institutions shift away from investing in fossil fuel projects.

WEKU

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Austrian minister says Russia will remain important for Europe

Russia will always remain important for Europe, Austria's foreign minister said, saying that to think otherwise was delusional.

Reuters

Older Americans protest against ‘dirty banks’ funding oil and gas projects

Protesters cut up credit cards and march to Washington branches of JPMorgan Chase, Citibank, Bank of America and Wells Fargo

The Guardian - US

Big banks must stop lending to Big Oil

Bank lending for drilling projects like Willow is not only bad for the environment. It will weaken the impact of a historic $370 billion investment our country will make in the next decade on green technology and alternatives to oil and gas.

Chicago Sun-Times

SVB was a hedge fund in disguise–and the banking crisis is an overreaction

The data thus far is telling us not to overreact. Yet, markets have already overreacted. That's an opportunity for savvy investors.

Fortune

Banks Promote Climate Pledges But Keep Increasing Their Financing of Fossil Fuel Production

National day of protest will target JPMorgan Chase, Citigroup, Bank of America and Wells Fargo as new U.N. report warns of catastrophic climate impacts.

Capital & Main

Customers scramble to withdraw money from First Republic as stock drops almost 50%

Efforts to reassure the public that First Republic is safe have so far been unsuccessful as bank's shares plunge.

Fortune

First Republic’s shares crash more than 46% after downgraded credit rating

The US bank may need to raise more funds despite a $30bn rescue last week

The Guardian - UK

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Zenger

Ackman Says Bank Of America Will Buy Signature Bank Monday, Predicts Crisis Of Confidence

Billionaire investor Bill Ackman said Friday that Bank of America will buy Signature Bank on Monday as other banks face peril

The Independent UK

Big US banks benefit from surge in deposits after SVB and Signature Bank collapses

Though some consumers have pulled their money out of smaller banks, a Treasury official said those withdrawls have slowed

The Guardian - US

US banks launch $30bn rescue of First Republic to stem spiraling crisis

Bank of America, Goldman Sachs, JP Morgan agree to prop up troubled bank after its shares tumbled amid wider turmoil

Tribune News Service

New CEO of failed Silicon Valley Bank was once fired from his Charlotte banking job

The new CEO of failed Silicon Valley Bank is a familiar name to many in Charlotte’s banking community — Tim Mayopoulos was fired as general counsel of Bank of America in 2008 in the midst of the financial crisis and escorted out of the office by an HR representative.

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The Guardian - US

US banks are sacrificing poor communities to the climate crisis

It took decades to force banks to abandon racist redlining. We don’t have decades to avert catastrophic climate crisis

Fortune

The real victims of SVB aren't the tech elite: Hardworking business owners share their horror stories of the bank's collapse

The Silicon Valley Bank bailout was not about solving a “1% problem.”

Fortune

Bank of America has raked in $15 billion in new deposits after SVB collapse

Sources familiar with the matter say former Silicon Valley Bank customers are looking to put their money in the safest institution possible.

Tribune News Service

US Treasury to give House Republicans a look at financial reports on Biden's family and associates

WASHINGTON — The U.S. Treasury Department is set to allow House Republicans to inspect reports on foreign banking and other business transactions by relatives of President Joe Biden, including his son Hunter Biden and his associates.

Fortune

Regulators shut down SBV after bank run

How can a bank run happen in 2023? Why didn’t anyone step in to save SVB? And who is at risk now?

Fortune

SVB's collapse could lead to 'contagion' among regional banks—but experts say it's not a systemic risk to the entire financial system

“We do not believe there is contagion risk for the rest of the banking sector on the heels of SVB's struggles,” David Trainer, CEO of the investment research firm New Constructs, told Fortune.

Fortune

Women in the workforce have rebounded

Women's labor force participation rate continues to climb, but they're also seeing an uptick in unemployment—especially for Black women and Latinas.

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