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Wire

Update: Market Chatter: Bank of America Unit Fined by SEC for Failing to Report Suspicious Client Activity

(Updates to add Bank of America's response in the third paragraph, and add "numerous" word in the first paragraph.)Bank of America's (BAC) Merrill Lynch unit has been fined $7.5 million by the US Securities and Exchange Commission for failing to file numerous reports to flag money laundering and other suspicious activity, Reuters reported Monday.Merrill Lynch has accepted the civil fine but has neither admitted or denied any wrongdoing over failures to file numerous suspicious activity reports from April 2020 to September 2024, according to the report.A Bank of America spokesperson toldthat the company has been engaging with the regulators on this matter, and continues to review its systems to detect and report suspicious activity.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $58.01, Change: $+0.13, Percent Change: +0.22%

$BAC
Wire

Market Chatter: Bank of America Unit Fined by SEC for Failing to Report Suspicious Client Activity

Bank of America's (BAC) Merrill Lynch unit has been fined $7.5 million by the US Securities and Exchange Commission for failing to file reports to flag money laundering and other suspicious activity, Reuters reported Monday.Merrill Lynch has accepted the civil fine but has neither admitted or denied any wrongdoing over failures to file suspicious activity reports from April 2020 to September 2024, according to the report.Bank of America did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $58.20, Change: $+0.31, Percent Change: +0.54%

$BAC
Major Banks Poised for Strong Quarterly Results, Outlook, Deutsche Bank Says
US Markets

Major Banks Poised for Strong Quarterly Results, Outlook, Deutsche Bank Says

US large-cap banks are expected to report strong second-quarter earnings and issue upbeat guidance, with Huntington Bancshares (HBAN), US Bancorp (USB), and Wells Fargo (WFC) seen as top picks, Deutsche Bank said Monday.The brokerage's per-share earnings estimates for major banks are 2% above Wall Street's views on average, as others likely have not factored in the intra-quarter guidance updates from lenders. Deutsche Bank said it's "most above consensus" on Citigroup (C) and JPMorgan Chase (JPM)."Several banks tweaked up their quarterly (net interest income) expectations in early June (driven by strong loan growth) and pointed to better-than-expected investment banking and trading/markets (revenue)," Deutsche Bank analyst Matt O'Connor said in a note to clients.Bank earnings are scheduled to kick off July 14, with JPMorgan, Bank of America (BAC), Citigroup, Goldman Sachs (GS), and Wells Fargo slated to report.Huntington trends likely stabilized in the June quarter, with results seen improving in the second half of the year, according to Deutsche Bank."We believe key issues seem to be resolving, including questions surrounding loan growth, liquidity, and deal risk," O'Connor said. "(Huntington) shares trade at the lowest multiple among our coverage despite a solid long-term track record of both deal integrations and organic growth."US Bancorp is experiencing improved execution under Chief Executive Gunjan Kedia and an upward bias to its full-year revenue outlook following consecutive strong quarterly performances. The lender's recently completed the acquisition of financial services firm BTIG is well-timed due to broad strength in equity trading, while the bank's payments division is also positioned to benefit from strong retail sales volumes, O'Connor said.Wells Fargo shares have lagged its peers so far this year following a couple of disappointing quarters regarding both financial results and outlook, Deutsche Bank said. However, first-quarter trends were better than initially perceived."Momentum has also been building more than the market appreciates in our view post the lifting of the asset cap in June of 2025 and we expect this to be more evident in (second quarter)/beyond," O'Connor wrote.Deutsche Bank's higher EPS outlook for Citigroup factors in a revenue boost from the recent transfer of American Airlines (AAL) card receivables from Barclays (BCS), according to the note.Price: $17.74, Change: $-0.05, Percent Change: -0.28%

$AAL$BAC$BCS$C$GS$HBAN$JPM$USB$WFC
International

Big Banks Boost Dividends After Passing Fed Stress Test

All 32 large banks subject to the Federal Reserve's annual stress test have sufficient capital to absorb losses totaling nearly $708 billion and continue lending to businesses and households under hypothetical stressful conditions, the Fed said Wednesday.Under the severely adverse scenario, the aggregate common equity tier 1 capital ratio of the 32 banks falls to its projected minimum of 11.2% from an actual 12.8% in Q4 2025, before rising to 12.7% at the end of the projection horizon."The aggregate and individual bank post-stress CET1 capital ratios remain above the required minimum regulatory levels throughout the projection horizon," the Fed said.JPMorgan Chase (JPM), Goldman Sachs (GS) and Morgan Stanley (MS) all boosted their dividends shortly after the results were announced.Price: $339.10, Change: $+5.65, Percent Change: +1.69%

$BAC$C$GS$JPM$MS
Sectors

Sector Update: Financial Stocks Lower Late Afternoon

Financial stocks were lower in late Thursday afternoon trading, with the NYSE Financial Index easing 0.3% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.7%.The Philadelphia Housing Index gained 3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) decreased 0.2%.Bitcoin (BTC-USD) fell 2.5% to $62,660, and the yield for 10-year US Treasuries rose 2 basis points to around 4.45%.In economic news, US initial jobless claims last week fell to 226,000 from an upwardly revised 230,000 in the previous week, compared with expectations for 225,000 in a survey of analysts compiled by Bloomberg.In corporate news, Bank of America (BAC) scored an early victory in its collateral battle with Aequum Capital Financial II after a US bankruptcy judge temporarily barred Aequum from distributing cash collected from bankrupt auto-parts supplier First Brands' inventory sales, Bloomberg reported, citing the ruling. Bank of America shares were down 0.3%.SpaceX (SPCX) bankers are planning a potential bond sale of at least $20 billion to refinance a $20 billion bridge loan maturing in September 2027, Bloomberg reported. Bank of America, Citigroup (C), JPMorgan Chase (JPM), Goldman Sachs (GS), and Morgan Stanley (MS), which provided the bridge financing, are expected to run the bond sale, the report said. Citi eased 0.2%, JPMorgan was down 2%, Goldman fell 0.4%, and Morgan Stanley was 0.5% lower.Apollo Global Management (APO) made some concessions regarding its debt refinancing for photo-services company Shutterfly in a bid to entice some unwilling investors, Bloomberg reported. Apollo shares fell 0.7%.Accenture (ACN) shares fell 17% after the company trimmed the top end of its full-year revenue outlook and posted weaker-than-expected fiscal Q3 sales, while announcing three cybersecurity acquisitions totaling about $4.18 billion.

$ACN$APO$BAC$C$GS$JPM$MS
Sectors

Sector Update: Financial

Financial stocks fell in late Thursday afternoon trading, with the NYSE Financial Index easing 0.3% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.8%.The Philadelphia Housing Index climbed 3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) decreased 0.1%.Bitcoin (BTC-USD) fell 2.5% to $62,660, and the yield for 10-year US Treasuries decreased 1 basis point to 4.45%.In corporate news, Bank of America (BAC) scored an early victory in its collateral battle with Aequum Capital Financial II after a US bankruptcy judge temporarily barred Aequum from distributing cash collected from bankrupt auto-parts supplier First Brands' inventory sales, Bloomberg reported, citing the ruling. Bank of America shares were down 0.6%.

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Wire

Market Chatter: US Judge Hands Bank of America Early Win in First Brands Collateral Dispute

Bank of America (BAC) scored an early victory in its collateral battle with Aequum Capital Financial II after a US bankruptcy judge temporarily barred Aequum from distributing cash collected from bankrupt auto-parts supplier First Brands' inventory sales, Bloomberg reported Thursday, citing the ruling.US Bankruptcy Judge Christopher Lopez ordered the proceeds to be held in escrow pending resolution of Bank of America's April lawsuit, in which both lenders claim collateral rights over First Brands' inventory, the report said.Prior to the ruling, Aequum, which is seeking to dismiss the suit, warned that the cash freeze could trigger defaults on its own loans, according to the report.Bank of America and Aequum Capital Financial II did not immediately respond to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $56.30, Change: $-0.23, Percent Change: -0.41%

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Wire

Update: Market Chatter: SpaceX Bankers Planning At Least $20 Billion Bond Offering

(Updates with decline to comment from Goldman Sachs in fourth paragraph.)SpaceX (SPCX) bankers are planning a potential bond sale of at least $20 billion to refinance a $20 billion bridge loan maturing in September 2027, Bloomberg reported Thursday, citing sources with knowledge of the matter.Talks with investors could start on Monday, although plans and timing could change, the report said.Bank of America (BAC), Citigroup (C), JPMorgan Chase (JPM), Goldman Sachs (GS), and Morgan Stanley (MS), which provided the bridge financing, are expected to run the bond sale, according to Bloomberg.Goldman Sachs declined to comment, while SpaceX and the other financial institutions did not immediately reply to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $179.67, Change: $-12.15, Percent Change: -6.33%

$BAC$C$GS$JPM$MS$SPCX
Wire

Market Chatter: SpaceX Bankers Planning At Least $20 Billion Bond Offering

SpaceX (SPCX) bankers are planning a potential bond sale of at least $20 billion to refinance a $20 billion bridge loan maturing in September 2027, Bloomberg reported Thursday, citing sources with knowledge of the matter.Talks with investors could start on Monday, although plans and timing could change, the report said.Bank of America (BAC), Citigroup (C), JPMorgan Chase (JPM), Goldman Sachs (GS), and Morgan Stanley (MS), which provided the bridge financing, are expected to run the bond sale, according to Bloomberg.SpaceX and the financial institutions did not immediately reply to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $176.81, Change: $-15.01, Percent Change: -7.83%

$BAC$C$GS$JPM$MS$SPCX
Sectors

Sector Update: Financial Stocks Softer Late Afternoon

Financial stocks were lower in late Wednesday afternoon trading, with the NYSE Financial Index down 0.5% and the State Street Financial Select Sector SPDR ETF (XLF) decreasing 0.2%.The Philadelphia Housing Index fell 2.8%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 0.2%.Bitcoin (BTC-USD) was fractionally lower at $61,685, and the yield for 10-year US Treasuries rose 1.4 basis points to 4.542%.In economic news, the US seasonally adjusted consumer price index, a measure of inflation, rose by 0.5% in May, as expected, following a 0.6% increase in April, according to data released Wednesday by the Bureau of Labor Statistics. Core CPI, which excludes food and energy prices, rose by 0.2%, below the consensus estimate for a 0.3% increase. Core CPI rose by 0.4% in April. The year-over-year rates for overall and core CPI increased to 4.2% and 2.9%, respectively, from 3.8% and 2.8% in the previous month.In corporate news, JPMorgan Chase (JPM) and Bank of America (BAC) are among the major US banks that have received subpoenas from the Justice Department seeking information over whether they "debanked" clients for political reasons, The Wall Street Journal reported. JPMorgan shares were down 0.4%, and Bank of America rose 0.7%.Visa (V) said Wednesday its payment services will be integrated into OpenAI's platform to allow retailers to accept purchases from AI agents. Visa shares were shedding 0.4%.Nasdaq (NDAQ) Verafin is launching a new set of agentic workers, beginning with the Agentic AML Analyst and the Agentic Fraud Analyst, the firm said. The shares were down 0.8%.Brookfield Asset Management (BAM) is expanding its offerings for wealthy investors in Japan, targeting infrastructure, real estate, and private credit as hedges against inflation, Nikkei reported. Brookfield shares were falling 3.2%.

$BAC$BAM$JPM$NDAQ$V
Sectors

Sector Update: Financial

Financial stocks were softer in late Wednesday afternoon trading, with the NYSE Financial Index down 0.2% and the State Street Financial Select Sector SPDR ETF (XLF) fractionally lower.The Philadelphia Housing Index was falling 2.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was adding 0.2%.Bitcoin (BTC-USD) was increasing 0.1% to $61,739, and the yield for 10-year US Treasuries rose 1.2 basis points to 4.54%In corporate news, JPMorgan Chase (JPM) and Bank of America (BAC) are among the major US banks that have received subpoenas from the Justice Department seeking information over whether they "debanked" clients for political reasons, The Wall Street Journal reported. JPMorgan shares were down 0.4%, and Bank of America rose 0.7%.

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Wire

Market Chatter: JPMorgan, Bank of America Among Big Banks Subpoenaed by DOJ Over 'Debanking' Claims

JPMorgan Chase (JPM) and Bank of America (BAC) were among a group of America's largest banks to receive subpoenas from the Justice Department seeking information over whether they "debanked" clients for political reasons, The Wall Street Journal reported Wednesday, citing people familiar with the matter.The subpoenas are related to an effort by President Donald Trump to find out whether banks allegedly discriminated against conservatives, the report said.The banks didn't immediately reply to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $312.23, Change: $-0.47, Percent Change: -0.15%

$BAC$JPM
Wire

JPMorgan, Bank of America Among Big Banks Subpoenaed by DOJ Over 'Debanking' Claims, The WSJ Reports

JPMorgan, Bank of America Among Big Banks Subpoenaed by DOJ Over 'Debanking' Claims, The WSJ Reports

$BAC$JPM
Sectors

Sector Update: Financial

Financial stocks were lower in Friday afternoon trading, with the NYSE Financial Index decreasing 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.2%.The Philadelphia Housing Index was down 0.7%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.9%.Bitcoin (BTC-USD) was down 3.9% to $61,053, and the yield for 10-year US Treasuries rose 6.1 basis points to 4.536%.In corporate news, JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C) and Wells Fargo (WFC) plan to launch a tokenized deposit network in H2 2027 to connect traditional banking systems with blockchain technology, The Wall Street Journal reported Friday. JPMorgan shares fell 0.3%, Bank of America shares dropped 0.8%, Citigroup shares were down 2.6%, and Wells Fargo shed 0.1%.

$BAC$C$JPM$WFC
Sectors

Sector Update: Financial Stocks Gain Late Afternoon

Financial stocks were higher in late Thursday afternoon trading, with the NYSE Financial Index rising 2.2% and the State Street Financial Select Sector SPDR ETF (XLF) climbing 2.6%.The Philadelphia Housing Index increased 0.7%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 1.5%.Bitcoin (BTC-USD) was 2.6% lower at $63,852, and the yield for 10-year US Treasuries decreased 1.6 basis points to 4.48%.In economic news, US initial jobless claims rose to a level of 225,000 in the week ended May 30 from a downwardly revised 212,000 level in the previous week, compared with expectations for a 215,000 level in survey of analysts compiled by Bloomberg.Nonfarm productivity was revised down to a 0.3% growth pace in Q1 from a 0.8% increase in the previous estimate, below a 0.4% gain expected in a survey of analysts compiled by Bloomberg and following a 1.6% gain in Q4.In corporate news, JPMorgan Chase (JPM) and Jefferies Financial (JEF) are organizing trips to Caracas as foreign investor interest in Venezuela's economic reopening and debt restructuring grows, Bloomberg reported. JPMorgan shares rose 3.5%, and Jefferies climbed 4.4%.Blackstone's (BX) Blackstone Private Credit Fund said repurchase requests equaled about 10% of shares outstanding in Q2, but it will fulfill requests representing just 5% of its value, according to media reports on Thursday. Blackstone shares climbed 8.4%.Bank of America (BAC) shares rose 2.9% after it said Thursday it plans to introduce a cross-border real-time payment service for corporate and financial institution clients to instantly transfer funds via Swift or its digital CashPro system.Affirm (AFRM) and Canada Pension Plan Investment Board said Thursday that they have renewed and expanded their forward-flow agreement for consumer installment loans. Affirm shares rose 3.7%.

$AFRM$BAC$BX$JEF$JPM
Sectors

Sector Update: Financial Stocks Rise Thursday Afternoon

Financial stocks were higher in Thursday afternoon trading, with the NYSE Financial Index rising 2.2% and the State Street Financial Select Sector SPDR ETF (XLF) climbing 2.5%.The Philadelphia Housing Index increased 0.5%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 1%.Bitcoin (BTC-USD) was falling 1.4% to $63,157, and the yield for 10-year US Treasuries decreased 2.2 basis points to 4.469%.In economic news, US initial jobless claims rose to a level of 225,000 in the week ended May 30 from a downwardly revised 212,000 level in the previous week, compared with expectations for a 215,000 level in survey of analysts compiled by Bloomberg.Nonfarm productivity was revised down to a 0.3% growth pace in Q1 from a 0.8% increase in the previous estimate, below a 0.4% gain expected in a survey of analysts compiled by Bloomberg and following a 1.6% gain in Q4.In corporate news, Bank of America (BAC) shares rose 2.7% after it said Thursday it plans to introduce a cross-border real-time payment service for corporate and financial institution clients to instantly transfer funds via Swift or its digital CashPro system.Blackstone's (BX) Blackstone Private Credit Fund said repurchase requests equaled about 10% of shares outstanding in Q2, but it will fulfill requests representing just 5% of its value, according to media reports on Thursday. Blackstone shares climbed 7.4%.Affirm (AFRM) and Canada Pension Plan Investment Board said Thursday that they have renewed and expanded their forward-flow agreement for consumer installment loans. Affirm shares rose 3.2%.

$AFRM$BAC$BX
Sectors

Sector Update: Financial

Financial stocks were higher in Thursday afternoon trading, with the NYSE Financial Index rising 2.2% and the State Street Financial Select Sector SPDR ETF (XLF) climbing 2.5%.The Philadelphia Housing Index increased 0.5%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 1%.Bitcoin (BTC-USD) was falling 1.4% to $63,157, and the yield for 10-year US Treasuries decreased 2.2 basis points to 4.469%.In corporate news, Bank of America (BAC) shares rose 2.9% after it said Thursday it plans to introduce a cross-border real-time payment service for corporate and financial institution clients to instantly transfer funds via Swift or its digital CashPro system.

$BAC
Wire

Bank of America Plans Cross-Border Real-Time Payment Service

Bank of America (BAC) said Thursday it plans to introduce a cross-border real-time payment service for corporate and financial institution clients to instantly transfer funds via Swift or its digital CashPro system.The service is expected to launch next quarter to support international transactions by connecting to various real-time payment networks in countries such as Mexico, the UK, and India, the company said.Users can access the setup through existing connections to send high-volume, low-value payments that reach beneficiaries in local currencies without fee deductions, Bank of America said.The platform provides real-time tracking, immediate fund delivery, and recipient account pre-validation to reduce failed transfers, it said.Shares of the company were up 2% in Thursday trading.Price: $53.45, Change: $+1.05, Percent Change: +2.00%

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Sectors

Sector Update: Financial Stocks Edge Higher Pre-Bell Thursday

Financial stocks were edging higher pre-bell Thursday, with the State Street Financial Select Sector SPDR ETF (XLF) advancing by 1.2%.The Direxion Daily Financial Bull 3X Shares (FAS) was up 3.5% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 3.2% lower.Blackstone's (BX) Blackstone Private Credit Fund said repurchase requests equaled about 10% of shares outstanding in Q2, but it will fulfill requests representing just 5% of its value, according to media reports. Shares of Blackstone were up more than 1% premarket.Bank of America (BAC) is hiring Anshul Gupta from Avendus Capital to lead its investment banking operations in India, Bloomberg reported, citing unnamed people familiar with the matter. Bank of America stock was up more than 1% pre-bell.Brown-Forman (BF.A, BF.B) shares were down more than 1% after the company reported a decline in fiscal Q4 earnings.

$BAC$BF.A$BF.B$BX$FAS$FAZ$XLF
Research

Research Alert: CFRA Lowers Opinion On Financials To Marketweight From Overweight

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our downgrade is based on our diminished confidence in the sector's ability to grow into elevated multiples and we believe upward earnings revisions will likely prove more elusive in 2H 2026. Banks with significant consumer and commercial lending exposure face particular headwinds, and we believe regulatory tailwinds are now fully priced into consensus. Net interest income could be disappointing given neutral to hawkish monetary policy constraining loan growth. Additionally, tail risks have intensified, with the conflict in Iran threatening recent strong credit quality and spending trends, while rapid AI innovation poses challenges for data providers.

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