Bank Of America

The US Treasury Department said Tuesday that it's imposing USD 1.2 billion in fines on Bank of America for allegedly violating anti-money laundering and sanctions laws. The fines on America's second-biggest bank amount to the third-largest in the department's history. "When a bank of this size fails to meet its anti-money laundering and sanctions obligations, the consequences extend far beyond its own walls, exposing the entire US financial system to significant illicit finance risks," Treasury Secretary Scott Bessent said in a statement. "Today's actions send a clear message that even the biggest financial institutions are not above the law." Treasury said Bank of America also reached an USD 11.6 million settlement with the department's Office of Foreign Assets Control over "apparent violations of numerous sanctions programs, including on Iran, Russia, narcotics, and global terrorism." In a statement, Treasury said its Financial Crimes Enforcement Network assessed the USD 1.2 bill

BofA sees India as key cross-border payments hub as it pilots Zelle-UPI link

The suspect was identified as 49-year-old Pamela Cisneros and was shot dead by police after she allegedly advanced towards officers with two large knives

Analysts say the opportunity is not about a broad NBFC boom, but about lenders that can build a strong position in borrower segments that traditional banks still largely underserve.

Bank of America's $1.9 billion investment could fuel Jio Credit's growth for at least two years as the fast-growing NBFC expands into new areas of lending.

BofA will initially acquire 26.5 per cent of Jio Credit, with its holding rising to 49.9 per cent upon exercising warrants, subject to regulatory and statutory approvals

Gupta, a managing director at Avendus, is set to join Bank of America after completing regulatory and contractual obligations

BofA sees scope for re-rating as Groww drives further margin expansion, and establishes a credible present in wealth management

Lawyers say up to 75 women who were sexually abused by Jeffrey Epstein since 2008 may benefit from a USD 72.5 million fund set up as part of a settlement Bank of America reached with lawyers representing the women. US District Judge Jed S Rakoff gave the deal preliminary approval Thursday and set a final approval hearing for August 27. He also ordered lawyers to submit to him by Friday a broader list of publications to be used to notify Epstein victims that the settlement fund exists. The judge said he wanted to ensure "nobody is left out." Lawyers for women abused by Epstein had sued the bank, saying it ignored suspicious financial transactions involving Epstein that occurred while he was abusing girls and women from June 2008 to his arrest in early July 2019 on federal sex trafficking charges. Epstein died in August 2019 in a Manhattan federal jail. The death was ruled a suicide. At the hearing Thursday, attorney David Boies said lawyers for the victims believed between 60 and 7

The board granted Moynihan an unchanged base salary of $1.5 million and no cash bonus, "consistent with prior years," along with equity incentive awards totaling $39.5 million

The foreign lender had earlier forecast the currency at 90.50-91.00 levels

Vikram Sahu says the country is central to the bank's global growth, citing strong GDP prospects, rising client demand and robust IPO and M&A momentum

According to the lease-related documents accessed via CRE Matrix, a real estate data analytics firm, BA Continuum India has leased the space for 10 years and nine months

BofA is preparing a response to Sebi's accusations and is expected to seek a settlement in the millions of dollars without admitting or denying wrongdoing

Gross borrowings by Indian states have jumped almost 20 per cent this fiscal year from 2024 as growth in tax revenues slowed, while they beefed up spending

Bank of America has set a Nifty target of 29,000 for 2026, saying limited valuation upside means returns will hinge on earnings growth, with large-caps expected to outperform mid- and small-caps

Sahu will report to Jin Su, president of Asia Pacific, Bank of America

The Adani Group, with a $200-billion market capitalisation, continues to enjoy global funding access and stable credit metrics despite market volatility and regulatory scrutiny, says BofA

Winnie Chen says real-time domestic payments are shaping expectations for faster, seamless cross-border transfers and stablecoin adoption

Bank of America named Dean Athanasia and Jim DeMare as co-presidents reporting to CEO Brian Moynihan, while Alastair Borthwick adds executive VP title to his CFO role