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Studio City International Holdings Limited (MSC)
- Reuters
Big banks led by Citi continue to trim staff to cut costs
(Reuters) -U.S. banking giants continued to shed employees in the first quarter, with Citigroup seeing the biggest drop. Headcount at Citi declined by 2,000 employees after the third-largest U.S. lender completed a sweeping reorganization aimed at improving profits and reducing management layers. Headcount at Bank of America, Wells Fargo and PNC Financial declined by about 2,000 jobs combined in the three months ended March 31 compared with the previous quarter.
- Barrons.com
Bank of America Losses on Bond Portfolio Hit $109 Billion in First Quarter as Rates Rose
Bank of America adjusted earnings topped expectations in the first quarter, but one part of the company’s financial results worsened: the big paper losses on a key portion of its enormous bond portfolio. Bank of America shares, however, were down 2.3% to $35.03 in early trading Tuesday. The bank said that its unrealized losses on a $587 billion portfolio of bonds that are classified as held to maturity for accounting purposes widened by $11 billion to $109 billion on March 31 from $98 billion at year-end 2023.
- Barrons.com
Bank of America Posts Strong Adjusted Profit and Net Interest Income, but the Stock Drops
Bank of America’s adjusted earnings in the first quarter were 83 cents a share, beating analysts’ estimates of 76 cents.
