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Bank of America Corporation (NYSE:BAC) shares are trading higher today after the company authorized share buybacks. The Board authorized a $25 billion stock repurchase program starting August 1, 2024, replacing the existing program set to expire on that date. As of June 30, 2024, the current program had $6.7 billion in repurchases left. As announced earlier, the bank had raised the quarterly cash dividend to $0.26 per share, up $0.02 from the previous quarter. The dividend will be paid on September 27 to shareholders of record as of September 6. Related: US Banks Bump Up Dividends Following Fed’s Successful Stress Test The company’s Board also declared a regular quarterly cash

Citigroup Inc. (NYSE:C) shares are trading higher today. The bank reportedly agreed with the Bourse de Montreal to settle claims of failing to report large options contract positions. The exchange noted that Citigroup lacked a system to ensure employee compliance with reporting rules, reported Reuters. As part of the settlement, Citi will pay a $138,000 fine and $10,600 in related costs. Last week, the U.S. bank regulator Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) have fined Citigroup $135.6 million for failing to comply with a 2020 enforcement action. The fine includes the $60.6 million fine from the Federal Reserve and additional penalties imp

U.S. Bancorp (NYSE:USB) shares are trading higher after it reported second-quarter FY24 results. Revenue stood at $6.867 billion (-4.3% Y/Y), beating the consensus of $6.795 billion. Net interest income (taxable-equivalent basis) fell 8.9% Y/Y to $4.05 billion owing to the impact of higher interest rates on deposit mix and pricing. The net interest margin decreased to 2.67% in the second quarter of 2024 from 2.90% in the year-ago quarter. Meanwhile, non-interest income rose 3.3% Y/Y to $2.8 billion, aided by higher fee revenue across most categories. Adjusted earnings per share totaled $0.98, beating the consensus of $0.94. The provision for credit losses for the second qua

On Wednesday, the U.S. bank regulator Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) have fined Citigroup Inc (NYSE:C) $135.6 million for failing to comply with a 2020 enforcement action. The Office of the Comptroller of the Currency (OCC) has amended its October 7, 2020, Cease and Desist Order against the financial institution. This penalty is part of a larger effort, coordinated with the Office of the (OCC), to address ongoing issues with Citigroup's data quality management and risk controls. Citigroup has been under scrutiny for its inadequate progress in addressing data management problems identified in the 2020 enforcement action. The fine incl

The six biggest banks in the U.S. have not let this week’s stress tests on capital levels deter them from returning value to shareholders. JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corporation (NYSE:BAC), Wells Fargo & Company (NYSE:WFM), Citigroup Inc. (NYSE:C), U.S. Bancorp (NYSE:USB) and The PNC Financial Services Group, Inc. (NYSE:PNC) bought back more than $14 billion in shares in the first quarter, registering a 73% leap from the pace set in the last six months of 2023, Bloomberg reported. The annual stress test, which came out of the 2008 financial crisis and is set to release the latest results on Wednesday, often determines how eager banks are in returning capital to sh

Wells Fargo & Company (NYSE:WFC) disclosed the launch of the Signify Business Cash World Elite Mastercard. Signify Business Cash by Wells Fargo offers unlimited 2% cash rewards on business purchases, with no caps or categories to track and no annual fee. The cardholders can access the Wells Fargo Business Rewards Program and redeem cash rewards as a statement credit to their Signify Business Cash account, as a direct deposit into an eligible Wells Fargo savings or checking account, among other benefits. Jeff Hofmann, head of Small Business Card for Wells Fargo said, “At Wells Fargo, we recognize that managing a small business can be complicated and business owners need the best tool

U.S. Bancorp (NYSE:USB) shares are trading lower after it reported first-quarter FY24 results. Revenue stood at $6.7 billion (-6.4% Y/Y), which aligns with the consensus. Net interest income (taxable-equivalent basis) fell 14.0% Y/Y to $4.0 billion due to the impact of higher interest rates on deposit mix and pricing. Meanwhile, Non-interest income rose 7.7% Y/Y to $2.7 billion, aided by higher fee revenue across most categories.  The net interest margin was 2.70%, compared with 3.10% in the year-ago period. Adjusted earnings per share totaled $0.90, beating the consensus of $0.88. The provision for credit losses for the first quarter of 2024 was $553 million, up 29.5% Y/Y, due t

Bank of America Corp (NYSE:BAC) reported a first-quarter fiscal 2024 adjusted net income of $7.2 billion and adjusted EPS of $0.83, beating the consensus of $0.77. Revenue, net of interest expense, decreased 2% year over year to $25.8 billion. Adjusted revenue declined 1.6% year over year to $25.98 billion, beating the consensus of $25.46 billion. Segment Net income: Consumer Banking $2.66 billion (-14.5% Y/Y), Global Wealth and Investment Management $1.01 billion (+9.6% Y/Y), Global Banking $1.99 billion (-22.3% Y/Y), and Global Markets $1.79 billion (+6.6% Y/Y). The Net interest income was $14.03 billion (-2.9% Y/Y), as higher deposit costs more than offset higher asset yields and

Citigroup Inc C reported a first-quarter fiscal 2024 revenue decline of 2% year-over-year to $21.10 billion, beating the consensus of $20.39 billion. GAAP EPS of $1.58 beat the consensus of $1.20. Net credit losses for the fourth quarter were $2.30 billion, up 77% year-over-year.  Services revenue grew 8% year over year to $4.77 billion, mainly due to higher net interest income across Treasury and Trade Solutions (TTS) and Security Services. Markets revenue declined by 7% Y/Y to $5.38 billion, driven by a decline in Fixed Income. Banking revenue increased 49% Y/Y to $1.71 billion, driven by Investment Banking fees. U.S. Personal Banking revenue grew 10% Y/Y to $5.2 billion, dr

Wells Fargo & Company (NYSE:WFC) shares are trading slightly lower in the premarket session on Friday. The bank reported first-quarter earnings per share of $1.20, beating the analyst consensus of $1.09. Quarterly sales of $20.86 billion beats the Wall Street view of $20.20 billion. “The investments we are making across the franchise contributed to higher revenue versus the fourth quarter as an increase in noninterest income more than offset an expected decline in net interest income,” Chief Executive Officer Charlie Scharf commented. Also Read: Big Banks To Report Q1 Earnings: Analyst Prefers Bank Of America, ‘Citi Likely To Lag’  According to Benzinga Pro, WFC stock has gained

On Monday, Bank of America Corporation (NYSE:BAC) disclosed that its virtual financial assistant, Erica, has surpassed 2 billion interactions since its launch. Erica, launched in 2018, has expanded capabilities to support individual and corporate clients across the enterprise, including within Merrill, Benefits OnLine, and the CashPro platform. Bank of America said that Erica has responded to 800 million inquiries from over 42 million clients and provided personalized insights and guidance over 1.2 billion times to date. “Erica is a great example of applied innovation in language processing and predictive analytics to deliver a valuable and empowering client experience,” said Hari G

A new bi-partisan coalition in the Senate is pushing a bill that would punish CEOs and executives of large banks that go out of business. The bill, crafted by Sen. Elizabeth Warren (D-MA) and Sen. J.D. Vance (R-OH), would require the Federal Deposit Insurance Corporation (FDIC) to reclaim three years worth of compensation from directors, officers, controlling shareholders and other high-level individuals after a bank's failure. Earlier this year, the fall of Silicon Valley Bank became the largest banking collapse since the 2008 financial crisis. In an effort to secure trust in the banking system, the Treasury and Federal Reserve stepped in to guarantee that even depositors without FDIC

A major European neo-banking start-up company, Bunq BV, is set to expand its footprints in the U.S.   On Tuesday, the company applied for a banking license in the U.S., targeting to serve 5 million European emigrants and businesses in the U.S.  Amid the collapse of Silicon Valley in the U.S. last month, the company is capitalizing on the opportunity to enter the U.S. banking industry with better offers and customized solutions. Bunq focuses on simplifying the banking experience for Europeans in the U.S. by offering better interest rates than traditional banks and catering to Europeans' needs of maintaining deposit insurance limits of up to €100,000. Its customized app offers a free sav

First Trust Advisors L.P. ("FTA") announces the declaration of distributions for 138 exchange-traded fund(s) (each a "Fund," collectively, the "Funds") advised by FTA. The following dates apply to today's distribution declarations: Expected Ex-Dividend Date: December 23, 2022 Record Date: December 27, 2022 Payable Date: December 30, 2022 Ticker Exchange Fund Name Frequency Ordinary Income Per Share Amount Long-Term Capital Gain Per Share Amount     ACTIVELY MANAGED EXCHANGE-TRADED FUNDS       First Trust Exchange-Traded Fund III   FCAL Nasdaq First Trust California Municipal High Income ETF

First Trust Advisors L.P. ("FTA") announces the declaration of distributions for 129 exchange-traded fund(s) (each a "Fund," collectively, the "Funds") advised by FTA. The following dates apply to today's distribution declarations: Expected Ex-Dividend Date:       September 23, 2022 Record Date:       September 26, 2022 Payable Date:       September 30, 2022 Ticker   Exchange   Fund Name   Frequency     Ordinary Income Per Share Amount   ACTIVELY MANAGED EXCHANGE-TRADED FUNDS     First Trust Exchange-Traded Fund III FCAL   Nasdaq   First Trust California Municipal High Income ETF   Monthly     $0.1000 FEMB

First Trust Advisors L.P. ("FTA") announces the declaration of distributions for 135 exchange-traded fund(s) (each a "Fund," collectively, the "Funds") advised by FTA. The following dates apply to today's distribution declarations:   Expected Ex-Dividend Date:   June 24, 2022   Record Date:   June 27, 2022   Payable Date:   June 30, 2022 Ticker   Exchange   Fund Name   Frequency   Ordinary Income Per Share Amount   ACTIVELY MANAGED EXCHANGE-TRADED FUNDS   First Trust Exchange-Traded Fund III    FCAL   Nasdaq   First Trust California Municipal High Income ETF   Monthly   $0.0925 FEMB   N

CNBC Analysts See Consumer Electronics Get Costlier As Major Chipmakers TSMC, Samsung, Intel Boost Prices Analysts suggested that products relying on semiconductors will likely get more costly as chip foundries prepare to increase their prices, CNBC reports. Global semiconductor lead at Accenture Plc (NYSE:ACN) saw the magnitude of any price increases depending upon the share of semiconductor cost in the overall product cost, the ability of manufacturers to cut costs in other areas, and the competitive landscape of each product category. Products using more advanced chips like GPUs (graphics processing units) and high-end CPUs (central processing units) are likely to go up in price,

Wall Street bankers are urging the U.S. government to postpone the debut of a digital dollar, arguing that a virtual currency backed by the Federal Reserve will drain hundreds of billions of dollars from the banking system, reported Bloomberg. What happened: According to the American Bankers Association and the Bank Policy Institute, an American central bank digital currency, or CBDC, would be a direct rival to private bank deposits, making credit less available to businesses and households.  "As we have evaluated the likely impacts of issuing a CBDC it has become clear that the purported benefits of a CBDC are uncertain and unlikely to be realized, while the costs are real and acute," the

First Trust Advisors L.P. ("FTA") announces the declaration of distributions for 120 exchange-traded fund(s) (each a "Fund," collectively, the "Funds") advised by FTA. The following dates apply to today's distribution declarations: Expected Ex-Dividend Date: March 25, 2022 Record Date: March 28, 2022 Payable Date: March 31, 2022 Ticker Exchange Fund Name Frequency Ordinary Income Per Share Amount   ACTIVELY MANAGED EXCHANGE-TRADED FUNDS   First Trust Exchange-Traded Fund III FCAL Nasdaq First Trust California Municipal High Income ETF Monthly $0.0900 FEMB Nasdaq First Trust Emerging Markets

First Trust Advisors L.P. ("FTA") announces the declaration of distributions for 133 exchange-traded fund(s) (each a "Fund," collectively, the "Funds") advised by FTA. The following dates apply to today's distribution declarations: Expected Ex-Dividend Date:   December 23, 2021 Record Date:   December 27, 2021 Payable Date:   December 31, 2021 Ticker   Exchange   Fund Name   Frequency   Ordinary Income Per Share Amount   Short-Term Capital Gain Per Share Amount   Long-Term Capital Gain Per Share Amount           ACTIVELY MANAGED EXCHANGE-TRADED FUNDS                    First Trust Excha

First Trust Advisors L.P. ("FTA") announces the declaration of distributions for 122 exchange-traded fund(s) (each a "Fund," collectively, the "Funds") advised by FTA. The following dates apply to today's distribution declarations: Expected Ex-Dividend Date:   September 23, 2021 Record Date:   September 24, 2021 Payable Date:   September 30, 2021 Ticker   Exchange   Fund Name   Frequency   Ordinary Income Per Share Amount ACTIVELY MANAGED EXCHANGE-TRADED FUNDS   First Trust Exchange-Traded Fund III FCAL   Nasdaq   First Trust California Municipal High Income ETF   Monthly   $0.0900 FEMB   Nasdaq  

First Trust Advisors L.P. ("FTA") announces the declaration of distributions for 122 exchange-traded funds (each a "Fund," collectively, the "Funds") advised by FTA. The following dates apply to today's distribution declarations: Expected Ex-Dividend Date:   June 24, 2021 Record Date:   June 25, 2021 Payable Date:   June 30, 2021   Ticker Exchange Fund Name Frequency Ordinary Income Per Share Amount ACTIVELY MANAGED EXCHANGE-TRADED FUNDS   First Trust Exchange-Traded Fund III FCAL Nasdaq First Trust California Municipal High Income ETF Monthly $0.0950 FEMB Nasdaq First Trust Emerging Markets Local Curren