Bank of America Corporation (BAC)
| Previous close | 30.53 |
| Open | 30.59 |
| Bid | 30.75 x 3200 |
| Ask | 30.76 x 3200 |
| Day's range | 30.54 - 30.93 |
| 52-week range | 24.96 - 37.00 |
| Volume | |
| Avg. volume | 46,203,395 |
| Market cap | 243.428B |
| Beta (5Y monthly) | 1.41 |
| PE ratio (TTM) | 8.62 |
| EPS (TTM) | N/A |
| Earnings date | N/A |
| Forward dividend & yield | 0.96 (3.14%) |
| Ex-dividend date | 30 Nov 2023 |
| 1y target est | N/A |
- Yahoo Finance
Senator Warner: big bank CEOs have an argument when it comes to the Fed’s proposed capital rules
Chief executives from the nation’s largest banks are warning Senate lawmakers, especially Democrats, that the Federal Reserve’s proposed higher capital requirements will harm consumers and the economy. Senator Mark Warner (D, VA) appears to be listening.
- Yahoo Finance Video
Big bank CEOs testify before Congress: Top takeaways
The CEOs of America's largest banks, including Bank of America (BAC) Chairman and CEO Brian Moynihan, JPMorgan Chase (JPM) Chairman and CEO Jamie Dimon, Citigroup (C) CEO Jane Fraser, and more, testified before the Senate’s banking committee as part of Congress's annual oversight of the financial sector. The controversial capital requirements proposed by the Federal Reserve came up repeatedly throughout the hearing, with many CEOs opposed to the provisions or in favor of amendments before the requirements go into effect. Here are the top takeaways that investors need to know. Small business lending (00:00:24) Banking analyst Meredith Whitney of Meredith Whitney Advisory Group broke down the Basel III post-crisis regulatory requirements and the impact they will have on small business lending. Whitney said, "It's bad because as you drive more banking out of the regulated banking system and into the non regulated banking system ... you have more of that going to predatory lenders, and lending will just become that much more expensive." "We believe the capital accumulated by the industry should continue to serve the customers and America's economy, not be subject to regulatory capture by a theoretical model," Bank of America Chairman and CEO Brian Moynihan explained. "The $30 billion today in excess for Bank of America should be used to grow the U.S. economy." Home ownership (00:01:13) Whitney explained the potential impact of the capital requirements on mortgages and new homeowners. She said, "Mortgages and home ownership is at the lowest it's been in terms of younger individuals. The average homeowner is getting older and older and older. So it's a very important issue and should be a very important issue for these senators because that's their constituents." "The rule would have predictable and harmful outcomes to the economy, markets, businesses of all sizes, and American households," JPMorgan Chase Chairman and CEO Jamie Dimon explained. "Mortgages and small business loans would be more expensive and hard to access." Ability to access credit (00:02:13) Whitney broke down the inflationary environment and the impact to access credit amid the regulatory reforms. She said, "The cost of capital would just be higher in terms of it will be more expensive for many people to access credit." "Raising capital requirements by as much as 20 percent on an industry that all participants believe is well capitalized is a bad idea in any environment," Citigroup CEO Jane Fraser said. "But it becomes even more problematic with economic uncertainty ahead." Video highlights: 00:00:03 - Yahoo Finance's Jennifer Schonberger 00:00:24 - Meredith Whitney on small businesses 00:00:54 - Bank of America Chairman and CEO Brian Moynihan 00:01:13 - Meredith Whitney on home ownership 00:01:41 - JPMorgan Chase Chairman and CEO Jamie Dimon 00:02:13 - Meredith Whitney on credit 00:02:21 - Citigroup CEO Jane Fraser
- Yahoo Finance Video
Bank CEOs testify on Capitol Hill over capital requirements
CEOs of major banks, including JPMorgan Chase (JPM) and Bank of America (BAC), testified to lawmakers on Capitol Hill on Wednesday, addressing concerns on economic conditions and inflation that could be brought on by capital requirement revisions found in the "Basel III Endgame" provisions. Yahoo Finance Reporter Jennifer Schonberger highlights statements made by chief executives and Senate Banking Committee members. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
