Tuesday, July 27

Banking

Bank of America, Banking, Berkshire Hathaway, Brian Moynihan, Markets, MI Exclusive, quarterly earnings, Stocks, Warren Buffett, Wealth management

Bank of America misses Q2 revenue forecasts-but smashes income estimates after slashing credit-loss provisions

Bank of America CEO Brian Moynihan. Photo by John Lamparski/Getty Images Bank of America reported second-quarter earnings on Wednesday. The banking group's revenue fell short of Wall Street's forecasts, but it beat on net income. Bank of America counts Warren Buffett's Berkshire Hathaway as its biggest shareholder. See more stories on Insider's business page. Bank of America reported second-quarter earnings on Wednesday. The banking group's revenue fell short of Wall Street's forecasts, but its net income blew past analysts' estimates.Here are the key numbers:Revenue: $21.5 billion versus Bloomberg consensus estimates of $21.8 billionNet income: $9.2 billion versus consensus estimates of $6.6 billionDiluted EPS: $1.03 versus consensus estimates of $1.03Bank of America, which coun...
Banking, BI Intelligence, BI Intelligence Content Marketing, Finance, Insider Intelligence, PPP lending program

PPP SMALL BUSINESS LOANS: How $525 billion in coronavirus-linked loans were spread across banks lenders

In April 2020, the US government launched the historic Paycheck Protection Program (PPP) for banks to provide financial assistance to small businesses struggling amid the COVID-19 pandemic. A staggering $659 billion was allocated to the PPP across two separate installments, with funds for the $349 billion first round being tapped out in less than two weeks. But uptake slowed during round two as larger businesses returned loans following public outcry, while complex requirements and murky loan forgiveness guidelines deterred small businesses from applying. At the program's close on August 8 , 2020, $134 billion was left undrawn.Banks that acted decisively in deploying PPP loans stood to earn new clients and goodwill from regulators, as well as a slice o...
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These 3 Canadian banks offer the most in-demand emerging mobile features

This is a preview of Insider Intelligence's 2021 Canada Mobile Banking Emerging Features Benchmark, available exclusively to subscribers. In addition to mobile banking coverage, Insider Intelligence publishes thousands of pieces of content, including research reports, charts, and forecasts on the financial services industry. You can learn more about becoming a client here. The Canadian banks that offer the most desirable mobile banking app features in 2021 are RBC, TD Canada, and BMO, according to the inaugural Insider Intelligence Canada Mobile Banking Emerging Features Benchmark. ...