BAC’s Global Markets segment, which provides a range of equity and debt-related services, performed well. Sales and Trading revenue rose 3% to $3.6bn while Equities revenue spiked 13% to $1.5bn. However, Fixed, Income, Currencies and Commodities revenue dropped 4% to $2.1bn. The overall report was mixed as BAC’s earnings per share of 70 cents beat…
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Owned by seven banks, including JPMorgan Chase (JMP.N), the Bank of America (BAC.N), and Wells Fargo (WFC), Zelle is a peer-to-peer payment system. Scammers, claiming to be official representatives, such as banks, agencies, or service providers, tricked Zelle users into transferring money to these quasi-bodies. According to federal law, banks must reimburse their clients for…
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Although, new figures predict that the increased demand for electric and hybrid-electric vehicles and increasing energy storage systems will popularise lithium usage and push demand to $2.5 million per metric ton by 2023. In 2023, this figure is expected to hit $1 million per metric ton, a 1.25% increase if the demand trend continues. Bank…
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The FCA warned: This FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm’. Clone firm is a term the British financial authority uses for a company that uses details form an FCA-authorised firm in order to convince people that they are the real company. The UK watchdog…
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Homebuilders at the back of the FTSE 100 after record low mortgage approvals In the UK yesterday, the FTSE 100 posted a 1.1% gain, led by International Consolidated Airlines Group, Standard Chartered, and Kingfisher, which all finished close to 4% up. Home builders and property investment companies were close to the bottom of the pack,…
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Bank of America is one of the US banks that is clearly leading in the blockchain-patent game. BofA has filed for over 60 blockchain-related patents so far. This is a major breakthrough since Bank of America is actually the second largest bank by assets in the US. Considering the tight regulations and the inability of…
Read moreCLS Group, a provider of risk management and operational services for the global foreign exchange (FX) market, has announced its intent to release a payment netting service, CLS Netting, for buy-side and sell-side institutions’ FX trades that are settled outside the CLS settlement service. David Puth, CEO of CLS, commented: Working with our settlement members…
Read moreBank of America Merrill Lynch just reported second-quarter earnings. The firm reported earnings per share of $0.36 on revenues of $20.6 billion. Analysts were expecting adjusted earnings per share of $0.33 on revenue of $20.4 billion, according to Bloomberg. Non-interest income was reported $11.2 billion, non-interest expense declined $465 million. Brian Moynihan, CEO, commented:…
Read moreThe trial marked an unprecedented scale of institutional collaboration between the financial and technology communities exploring how distributed ledgers can be applied to global financial markets. Just released is a major blockchain announcement from financial technology innovation company R3 CEV. In short, they connected 40 banks to five different blockchains and allowed them to facilitate…
Read moreConsortium to develop new technology for global financial markets now comprises 25 banks.
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