New Service From Apple Provides Simple, Secure Payment Method
Bank of America today began offering its customers and merchants access
Pay, a new mobile payments service that provides an easy and secure
way to pay.
Enhanced security is at the core of Apple Pay. When customers add a
credit or debit card to Apple Pay, the actual card number is not stored
on Apple servers, and only the last four digits of the actual card
number is stored on the device. Instead, a unique virtual cardmore...
Results Include DoJ Settlement Costs of $5.3 Billion (Pretax) or $0.43 per Share (After Tax)
Continued Business Momentum
Four of Five Businesses Report Higher Net Income Compared to Year-ago Quarter
Originated $14.9 Billion in Residential Home Loans and Home Equity Loans in Q3-14, Helping More Than 43,500 Homeowners Purchase a Home or Refinance a Mortgage
More Than 1.2 Million New Credit Cards Issued in Q3-14, With 64 Percent Going to Existing Relationship Customers
Global Wealth and Investment Management Reports Record Revenue and Record Earnings
Total Firmwide Investment Banking Fees up 4 Percent From Q3-13 to $1.4 Billion
Sales and Trading Revenue, Excluding Net DVA, up 9 Percent From Q3-13(B)
Noninterest Expense, Excluding Litigation, Down $1.1 Billion From Q3-13 to $14.2 Billion(C)
Credit Quality Continued to Improve With Net Charge-offs Down 38 Percent From Q3-13 to $1.0 Billion; Net Charge-off Ratio of 0.46 Percent Is Lowest in a Decade
Capital and Liquidity Measures Remain Strong
Estimated Common Equity Tier 1 Ratio Under Basel 3 (Standardized Approach, Fully Phased-in) 9.6 Percent in Q3-14; Advanced Approaches 9.6 Percent in Q3-14(D)
Estimated Supplementary Leverage Ratios Above 2018 Required Minimums, With Parent Company at Approximately 5.5 Percent and Primary Bank at Approximately 6.8 Percent(E)
Global Excess Liquidity Sources Remain Strong at $429 Billion, up $70 Billion From Q3-13; Time-to-required Funding at 38 Months
Tangible Book Value per Share Increased 4 Percent From Q3-13 to $14.13 per Share(F)
Third-quarter 2014 Earnings Press ReleaseSupplemental Third-quarter 2014 Financial InformationBank of America Corporation today reported net income of $168 million for the third quarter of 2014. After deducting dividends on preferred shares, the company reported a loss of $0.01 per share. The results include the previously announced pretax charge of $5.3 billion for the settlement with the Department of Justice, certain federal agencies and six states (DoJ Settlement), which impacted earningsmore...
Concerns over the imminent end of quantitative easing in the U.S. have
left investors much less confident in the outlook for the global economy
and corporate profitability, according to the BofA Merrill Lynch Fund
Manager Survey for October.
After a sharp fall of more than 20 percentage points from September,
only a net 32 percent of respondents expect the global economy to
strengthen over the next 12 months. This is the lowest readingmore...