America

Bank of America, JPMorgan Win $900 Million of MTA Debt

(Bloomberg) — Bank of America Corp. and JPMorgan Chase & Co. were the winning bidders on $900 million of New York Metropolitan Transportation Authority debt to finance subway, bus and commuter-rail capital projects as the transit agency seeks federal aid to avoid major service cutbacks.



a group of people sitting in a chair: Commuters ride a subway from the Marcy Avenue subway station during morning rush hour in the Brooklyn borough of New York on June 22.


© Bloomberg
Commuters ride a subway from the Marcy Avenue subway station during morning rush hour in the Brooklyn borough of New York on June 22.

The sale shows the MTA, the largest mass-transit system in the U.S., can raise capital in the tax-exempt bond market even as revenue is down 40% and pre-coronavirus ridership may not return until almost 2023. MTA divided the debt sale into three groups, based on maturities, with each batch receiving eight bids, according to Aaron Donovan, a spokesperson for the agency. The all-in true interest cost for the sale was 4.49%, according to Donovan.

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Even as the

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No longer seeing a recession, fund managers are beginning to shift into industrials and value stocks, Bank of America survey finds

THE TELL

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jonathan nackstrand/Agence France-Presse/Getty Images

Fund managers are rotating but not chasing stocks after the massive rally from March lows, according to the latest reading of Bank of America’s popular fund manager survey.

The survey found that cash levels rose by fund managers, to 4.8% of their portfolios in September from 4.6% in August. At the same time, investors allocated more cash to industrials, small capitalization stocks and value at the expense of technology, healthcare and large caps.

The fund managers did not rotate regions though, still preferring the U.S. over European, U.K. and emerging markets.

A net 18% are overweight equities which is not particularly high in the history of the survey.

The fund managers are particularly bearish about the U.K. (UK:UKX) where new concerns about Brexit are being raised. A net 35% are underweight U.K. equities, the worst showing since March 2018.

Banks and energy

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“RICO” Defendant John Ritenour & Insurance Office of America Accused of “Stealing Insurance Commissions” from Its Own Agents; Witnesses Sought Regarding Allegation

In New Lawsuits Filed Against the Ritenours, Insurance Office of America, John Ritenour and Heath Ritenour are accused of “Skimming Insurance Commissions” from IOA’s Sales Agents: Witnesses Sought in Connection to Allegations

Orlando, FL, September 03, 2020 –(PR.com)– Witnesses sought relative to allegations against Insurance Office of America and “RICO” Defendants John Ritenour and Heath Ritenour for “Skimming Insurance Commissions” from Insurance Office of America insurance Agents. In an Amended Complaint filed in Broward County Circuit Court, Plaintiff, represented by Farrow Law Firm, alleges: “Defendants Valli Ritenour, John Ritenour and Heath Ritenour (wife, husband and son) are founders/corporate officers of Defendant Insurance Office of America – one of the largest privately-owned insurance companies in the United States. These Defendants tout themselves as having created a ‘family-oriented’ insurance company that ‘partners’ with their sales force to provide the best working environment and largest commissions in the insurance industry.

“Defendants Valli Ritenour,

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Bank of America accelerates timeline for $20 minimum wage

Bank of America on Monday pledged to raise its minimum wage to $20 per hour more than a year ahead of schedule.

In a press release, the company said it would move to $20 per hour by the first quarter of 2020. As previously reported by FOX Business, Bank of America had promised to move to a $20 minimum wage by 2021.

“As part of our commitment to being a great place to work, we are saying thank you, and sharing our success with our teammates who serve our clients and communities every day,” Sheri Bronstein, chief human resources officer at Bank of America, said in a statement.

The company’s current minimum rate is $17 per hour.

Since 2010, the bank has raised its minimum wage by more than $8 per hour.

CITIGROUP RAISES MINIMUM WAGE TO $15 FOLLOWING POLITICAL

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Bank of America CEO says stimulus measures beginning to boost consumer spending

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Bank of America CEO Brian Moynihan said Tuesday that federal stimulus measures to insulate the U.S. economy from the coronavirus pandemic are beginning to work.

“The goods news is … you’re seeing consumer spending start to grow,” Moynihan told FOX Business’ Maria Bartiromo. “You’re starting to see these stimulus programs actually get deployed and in people’s pockets, and so they’re starting to spend.”

In March, consumer spending, which accounts for nearly two-thirds of U.S. gross domestic product, plunged to 7.5 percent, the biggest drop on record.

FED PLEDGES AGGRESSIVE ACTION TO SUPPORT US ECONOMY

A steep decline in spending

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How Bank of America Makes Money: consumer banking

Bank of America Corp. (BAC), one of the world’s largest investment banks and financial institutions, serves a broad range of customers, including individual consumers, wealthy investors, large corporations and governments. It operates primarily in the U.S., where it gets the vast majority of its revenue, as well as in dozens of countries around the globe. The company faces a broad array of competitors, including JPMorgan Chase & Co. (JPM), Citigroup Inc. (C), Goldman Sachs Group, Inc. (GS), credit card issuers like Visa, Inc. (V), hedge funds, and private equity firms.  The Charlotte, North Carolina-headquartered company expanded from a regional player into a global giant through a series of major acquisitions in the past several decades. 

Key Takeaways

  • Bank of America provides financial services to customers including consumers, wealthy investors, institutional clients, and governments.
  • The company’s Consumer Banking segment provided the largest share of total revenue in
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