Bank of America Archives - CFO

Bank of America Names New CFO

Bank of America Names New CFO

Alastair Borthwick will take over as finance chief as part of the bank’s management overhaul.

By Lauren Muskett | September 10, 2021

Low Rates, Fewer Loans Cut BofA’s 4Q Profits

Credit & Capital

Low Rates, Fewer Loans Cut BofA’s 4Q Profits

Bank of America's results were helped by an $828 million release from its reserves for expected loan losses.

By Matthew Heller | January 19, 2021

Five Lessons for CFOs As We Approach 2021

Five Lessons for CFOs As We Approach 2021

Don't let uncertainty deter your company from growth, but be sure finance keeps a close eye on internal processes and key relationships.

By Vincent Ryan | December 21, 2020

Disclosures Amid COVID-19: “None of This Has Been Done Before”

Risk & Compliance

Disclosures Amid COVID-19: “None of This Has Been Done Before”

Once the dust finally settles from the COVID-19 crisis, the last thing issuers will want is to face an inquiry and possible enforcement action by the SEC.

By Vincent Ryan | May 6, 2020

BofA Sees Net Interest Income Growth Slowing

Financial Performance

BofA Sees Net Interest Income Growth Slowing

Interest rate expectations "have been lowered, plus we have some seasonal headwinds in Q2," CFO Paul Donofrio says.

By Matthew Heller | April 16, 2019

Bank of America’s Profit Jumps 32%

Investment Banking

Bank of America’s Profit Jumps 32%

BofA's consumer banking, global markets, and wealth management divisions drove performance in the third quarter.

By William Sprouse | October 15, 2018

Visa, Mastercard Settle Long-Running Fee Suit

Risk & Compliance

Visa, Mastercard Settle Long-Running Fee Suit

The companies said they have already set aside funds to cover the penalty.

By William Sprouse | September 19, 2018

BofA Sees Higher Profit On Lower Costs, Taxes

Growth Companies

BofA Sees Higher Profit On Lower Costs, Taxes

A 5% cut in costs and a substantial reduction in quarterly income tax helped Bank of America post $6.8 billion in second-quarter earnings.

By William Sprouse | July 16, 2018

Seven Accused in $5M Insider Trading Scheme

Risk & Compliance

Seven Accused in $5M Insider Trading Scheme

The SEC says the scheme revolved around an IT consultant who had access to a computer system that BofA used to track investment banking deals.

By Matthew Heller | August 17, 2017

BofA’s Retail Unit Hits ‘Milestone’ $2B Profit

Financial Performance

BofA’s Retail Unit Hits ‘Milestone’ $2B Profit

The bank's overall Q2 earnings rose 10% to $4.9 billion as the retail business delivered a 21% increase in net income.

By Matthew Heller | July 18, 2017

BofA Pays Tutor Perini $37M to Settle Fraud Case

Risk & Compliance

BofA Pays Tutor Perini $37M to Settle Fraud Case

Tutor Perini alleged the bank did not disclose the ARS market was heading for collapse when it sold the securities to the company.

By Matthew Heller | June 7, 2017

Trump and the Age of Magical Thinking

Trump and the Age of Magical Thinking

It's looking like the stock market's "Trump Bump" was just a figment of the imagination, as a deep corporate tax cut grows less likely.

By Christopher Whalen | April 19, 2017

Major Banks’ Earnings Beat Q4 Expectations

Financial Performance

Major Banks’ Earnings Beat Q4 Expectations

Consumer banking is driving growth, with deposits and interest income rising at Bank of America, JPMorgan Chase, and Wells Fargo.

By Matthew Heller | January 16, 2017

FDIC Says BofA Owes $542M to Insurance Fund

Risk & Compliance

FDIC Says BofA Owes $542M to Insurance Fund

An FDIC lawsuit alleges the bank may ultimately have underreported its deposit insurance liability by more than $1 billion.

By Matthew Heller | January 10, 2017

BofA Crushes Estimates With 6.6% Profit Gain

BofA Crushes Estimates With 6.6% Profit Gain

A surge in trading revenue and cost-cutting efforts boosted the bank's Q3 bottom line despite stubbornly low interest rates.

By Matthew Heller | October 17, 2016