|Bid||34.94 x 1200|
|Ask||34.95 x 2200|
|Day's range||34.69 - 36.03|
|52-week range||17.95 - 37.03|
|Beta (5Y monthly)||1.54|
|PE ratio (TTM)||18.80|
|Forward dividend & yield||0.72 (2.00%)|
|Ex-dividend date||04 Mar 2021|
|1y target est||N/A|
Rocket Companies sees a big boost from the red-hot U.S. housing market.
(Bloomberg) -- Bank of America Corp. will book a $400 million expense in the first quarter to account for a change in bonus policies that sparked anger among high earners.“In January, we made a change in one element of a portion of our incentive comp paid in 2020,” Chief Financial Officer Paul Donofrio said at a Credit Suisse Group AG virtual conference Friday. The alteration will shift into this quarter costs “that would have been incurred anyway over the next four years, so it’s just an acceleration in Q1.”Last month, Bank of America scrapped a proposed bonus policy for high-earning traders and dealmakers after it caused consternation. The change would have forced some long-tenured staff eligible for retirement to forfeit a major portion of their 2020 bonus. It was eventually waived for some company veterans, but kept in place for others, fueling frustration among senior employees.Donofrio also said at the conference that the bank expects declining loan levels to be a drag on net interest income, or revenue from customer loan payments minus what the company pays depositors, this quarter.“It puts more pressure on the near-term NII, but not as much on the full year, assuming we see some loan growth turn around” in the second half, Donofrio said. Still, “we expect the second half of ’21 should be demonstrably better than both the first half of ’21 and the second half of 2020.”In the fourth quarter, NII decreased 16% from a year earlier to $10.3 billion, driven by lower interest rates.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- One by one, most of the biggest U.S. banks pledged to avoid workforce reductions almost a year ago as coronavirus infections erupted in New York City. One by one, those vows have given way.The news on Thursday that Bank of America Corp. is cutting some staff in its global banking and markets division marks the end of those assurances, while the international campaign to bring the virus under control continues.Among the nation’s six banking giants, Wells Fargo & Co. was first to break with the industry as the second half of 2020 began, cutting positions amid mounting pressure to lower costs. Goldman Sachs Group Inc. and Citigroup Inc. followed.JPMorgan Chase & Co. never promised to halt cuts entirely. And Morgan Stanley had said it would avoid them through 2020. That firm’s takeover of Eaton Vance Corp. is set to be completed on March 1, and redundancies are typical in any merger.Bank of America’s reductions are part of Wall Street’s typical round of staffing changes around this time of year once bonuses are distributed, people familiar with the situation said Thursday, asking not to be identified discussing personnel matters. The cuts affected employees in sales and trading, research, investment banking and capital markets. A company spokesman declined to comment.It’s not just the job-security promises Wall Street is abandoning. The biggest U.S. banks are also moving swiftly to end the work-from-home arrangements that emptied most of their offices through much of 2020.“This is not ideal for us and it’s not a new normal,” Goldman Sachs Chief Executive Officer David Solomon said this week at an industry conference, referring to remote work. “It’s an aberration that we are going to correct as quickly as possible.”(Adds Solomon’s comment on working from home in last paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.