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Bank of America Newsroom
Silicon Valley Bank's Former Parent Secures Approval to End Bankruptcy
Warren Buffett Is Selling Stocks and Raising Cash. How Worried Is He About the U.S. Economy?
Bank of America Corporation (NYSE:BAC) Just Released Its Second-Quarter Results And Analysts Are Updating Their Estimates
Warren Buffett's Berkshire Hathaway Hits the Sell Button
Warren Buffett's Berkshire Hathaway Q2 Operating Profit Climbs Over 15%, Cash Hoard Swells To $277B As It Slashes Apple Stake by Nearly 50%
Berkshire Hathaway's net income in Q2 2024 was $30.35 billion, with a record high in cash reserves.
Berkshire Hathaway A's Q2 revenue in 2024 was $93.653 billion, up from $92.503 billion in the same period last year and the market expected $91.09 billion. Berkshire Hathaway A's Q2 net income in 2024 was $30.35 billion, down from $35.912 billion in the same period last year and the market expected $17.786 billion. Operating income for the second quarter increased to $11.6 billion. EPS for the second quarter was $21122, down from $24775 in the same period last year and the market expected $15006. Cash reserves at the end of the second quarter reached a new record high of $276.9 billion, up from $1.63 billion at the end of the first quarter.
Express News | Berkshire Hathaway – 72% of Aggregate Fair Value of Its Equity Investments Was Concentrated in American Express, Apple, Bank of America, Chevron and Coca -Cola as of June 30
Zelle payment application faces investigation. JPMorgan is considering suing regulatory institutions.
Zelle is owned by seven major banks, including JPMorgan and Bank of America. Since its launch in 2017, Zelle has grown into a leading peer-to-peer payment network in the USA. Over 100 million consumers can use Zelle through their Bank of America accounts.
Wall Street's big banks all change their tune, JPMorgan and Citigroup expect the Fed to cut interest rates twice by 50 basis points this year.
Given the latest data showing a cooling labor market, expectations of a period of aggressive easing by the Federal Reserve continue to rise on Wall Street. After Friday's data showed a further rise in the U.S. unemployment rate in July, economists at Bank of America, Barclays, Citi, Goldman Sachs and JPMorgan adjusted their rate path forecasts, calling for earlier, larger or more rate cuts. Citi economists expect the Fed to cut rates by 50 basis points at the September and November meetings, and by 25 basis points at the December meeting. Previously, they had expected the Fed to cut rates by 25 basis points at each of these meetings.
Summary of the view: Federal Reserve officials state that they will not overreact to monthly data and major banks expect two 50 basis point interest rate cuts.
Following weaker-than-expected non-farm payrolls data, Chicago Fed President Goolsbee said the Fed wouldn't overreact to single-month data. Major Wall Street banks JP Morgan and Citi have changed their opinions and now expect the Fed to cut rates 50 basis points twice this year. However, observers argue that the Fed won't agree to a 50 basis point cut. Chicago Fed President Austan Goolsbee emphasized that the Fed won't overreact to any single data report and will receive a large amount of economic data before the next meeting.
Bank of America Options Spot-On: On August 2nd, 334.63K Contracts Were Traded, With 3.26 Million Open Interest
Berkshire Hathaway Earnings Preview: Can Warren Buffett's Company Maintain Bullish Momentum?
Capital Is Flowing Into Big Money-center Bank Bonds During Stock Market Plunge
Market Chatter: Dun & Bradstreet Exploring Sale
Bank Stocks Dive as Weak Jobs Report Boosts Bets on Fed Rate Cuts
Express News | Shares of Banking Companies Are Trading Lower Amid Overall Market Weakness Following Weak US Jobs Data
What to Look for in Berkshire Hathaway's Q2 Earnings on Saturday
What's Going On With Bank Of America (BAC) And Wells Fargo (WFC) Shares
Bank Stocks Roiled by Jobs Report -- WSJ
Morgan Stanley Stock Drops After Wells Fargo's Mayo Cuts to Underperform