The second-largest U.S. bank, Bank of America, joined other top financial firms in saying on Friday it will cover travel costs for employees who need to go out-of-state to receive reproductive healthcare services like abortions, according to a statement from the bank. The new policy follows a raft of similar announcements from big financial companies released after the U.S. Supreme Court took the dramatic step on Friday of overturning the landmark 1973 Roe v. Wade ruling that recognized a woman's constitutional right to an abortion.
Shares in the biggest U.S. banks rallied on Friday after they passed the Federal Reserve's annual health check, but Bank of America underperformed with test results implying it needs a larger-than-expected capital buffer, which could limit share buybacks and dividends. While the broader equity market also rallied on Friday, Wells Fargo & Co, up 7.5%, was the biggest gainer among the 34 lenders that underwent the Fed's so-called stress test, which measures how they would fare in a hypothetical severe economic downturn. The group would have roughly twice the capital required under Fed rules in the downturn scenario, it said.
Yahoo Finance entertainment reporter Allie Canal joins the Live show to break down Netflix's decision to lay off employees and Bank of America's price target slash on the streaming platform's stock.