Ten years after Wall Street recklessness helped lead to the Great Recession, compensation for top bank CEOs is soaring even as pay flattens at junior levels. Compensation figures released so far by large banks this year suggest a rich season for CEOs, despite myriad worries for markets, including slowing global growth, trade wars and Brexit uncertainty. Compensation for Jamie Dimon, chief executive of JPMorgan Chase, the biggest US bank by assets, hit $31 billion in 2018, up 5.1 percent from last year and his highest pay since the 2008 financial crisis. At Morgan Stanley, Chief Executive James Gorman will take home $29 million, up seven percent. Final pay numbers are expected in the coming days from Bank of America, Goldman Sachs, Citigroup and Wells Fargo. The biggest six US banks last year reported a record $117.6 billion in profits, with JPMorgan notching its highest-ever annual income of $32.5 billion and Morgan Stanley also a new peak at $8.2 billion. - A wide gap - Compensation … [Read more...] about 10 years after crisis, bank CEO pay swells again
Bank of america home loans
Business By Kevin Peachey Personal finance reporter 3 January 2019 comments Share this with Facebook Share this with Messenger Share this with Twitter Share this with Email Share this with Facebook Share this with WhatsApp Share this with Messenger Share this with Twitter Share Share this with These are external links and will open in a new window Email Share this with Email Facebook Share this with Facebook Messenger Share this with Messenger Messenger Share this with Messenger Twitter Share this with Twitter Pinterest Share this with Pinterest WhatsApp Share this with WhatsApp LinkedIn Share this with LinkedIn Copy this link https://www.bbc.co.uk/news/business-46543252 Read more about sharing. These are external links and will open in a new window Close share panel Relatively few properties were put on the market in the UK in the last year. Even … [Read more...] about Will the value of your home change in 2019?
A pre-raphaelite masterpiece will be restored to its former glory after a major City firm stepped in to pay for expensive conservation work. Bank of America will take care of the bill, expected to run into thousands of pounds, for restoration of Dante Gabriel Rossetti’s La Ghirlandata which hangs in Guildhall Art Gallery. The 1873 portrait, which Rossetti described as “my very best picture”, will be taken down in January for analysis before conservators get to work. They plan to restore the frame and remove some of the thick layer of varnish that has been applied to it over the years. Elizabeth Scott, the City of London Corporation’s Head of Guildhall Galleries, said the grant was “wonderful news”. She added: “We look forward to returning the painting to its full aesthetic power and, through our international loans programme, working with art galleries at home and abroad to enable it to be appreciated by as many people as possible.” … [Read more...] about Bank of America is paying to restore Rossetti’s ‘very best picture’
Numerous reports have emerged in recent months relaying an eerily similar story: customers with Bank of America accounts have been receiving spam mail-like messages from the bank demanding certain information about their citizenship status or rejecting the once-typical documents and forms they'd submitted, telling them their accounts had been locked or would be imminently locked until they provided such information. Customers have been unable to pay rent, have had their credit card payments rejected and have been forced to cancel trips at the last minute for fear of being caught in a strange town strapped for cash, to say nothing of their reported humiliation and frustration. © Flickr/ ruttyCalifornia Capital Surveilling Welfare Recipients to Crack Down on Fraud When the Kansas City Star ran a story about one such case in July, it contacted Bank of America for an explanation. "Like all … [Read more...] about Bank of America Blasted for Freezing Accounts, Demanding Citizenship Proof
The Federal Reserve has set limits aimed at addressing one of the leading causes of the 2008 financial crisis — the buildup of loans extended by one bank to another among the biggest Wall Street institutions. At a meeting Thursday, the Fed governors adopted a new rule that caps a big bank's credit exposure to another bank. The rule is close to a proposal the central bank floated two years ago, but it makes revisions for the credit limits to be tailored to the size of the bank. That's in line with the Fed's current approach to regulation under new leaders appointed by President Donald Trump. The aim of the rule, applied to banks with assets of $250 billion or more, is to help bolster the stability of the financial system. The hope is to prevent a repeat of the crisis that engulfed the financial system in September 2008 when the collapse of Wall Street powerhouse Lehman Brothers raised fears over the stability of banks that had made loans to Lehman. The Fed oversees Wall Street … [Read more...] about Fed sets limits on biggest banks’ loans to each other