Bank of America Corporation (BAC)
After hours:
- Yahoo Finance
Why the biggest banks 'could be natural beneficiaries' of current turmoil: strategist
The biggest U.S. banks stand to become even more powerful in the wake of the banking crisis — whereas regional banks could lose their foothold.
- Yahoo Finance Video
SVB testimony, inflation update, and earnings- everything you need to know for the week ahead
SVB hearings, major economic data, and some heavy hitters reporting earnings. There’s a lot going on in the week ahead. Here’s what you need to know: For the first time, members of Congress will grill top banking regulators over the collapse of Silicon Valley Bank and Signature Bank. Top officials from the Federal Reserve, FDIC, and Treasury Department are expected to testify on Tuesday and Wednesday on Capitol Hill, as lawmakers try to get to the bottom of why the banks failed. Wall Street will be watching this week for the latest round of economic figures. We’re set to receive 2022 Q4 GDP (final), PCE inflation data, consumer confidence, and fresh information on the health of the housing market. And big time market movers Walgreens (WBA), Carnival Cruise Line (CCL), and Lululemon (LULU) are primed to post their quarterly earnings. Investors will want to keep a close eye for news coming out of those reports. Find more of the latest earnings headlines here.
- Reuters
Bank of America to redeploy wealth management, banking employees - source
Less than 200 employees are being moved to product specialist positions within the company's global operations organization, the source told Reuters. The move highlights the broader weakness in Wall Street banks' mortgage and wealth management businesses in a rising interest rate environment. Interest rate hikes by global central banks to tame elevated levels of inflation have weighed on consumer and corporate spending, affecting the outlook for Wall Street heavyweights such as Goldman Sachs Group Inc and Morgan Stanley.
