Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female engineer named Morgan Beller.Technologyread more
After a year of flooding, Midwest farmers face a stifling heat wave that's spreading across the U.S.Agricultureread more
There is no end in sight to the Boeing 737 Max grounding after two fatal crashes, prompting airlines to rethink their growth plans.Airlinesread more
A quarter of the S&P 500 companies report earnings next week, and that could buffet the market as investors await the July Fed meeting.Market Insiderread more
Iran's Revolutionary Guard claims a British tanker it still holds, Stena Impero, failed to follow international maritime rules.World Newsread more
Moving lots of data to a public cloud over the internet can take months or years. CNBC got an inside look at how AWS transfers data to the cloud for its clients.Technologyread more
The president also said he "offered to personally vouch" for Rocky's bail. Sweden, however, does not have a bail system.Politicsread more
CoinShares Chief Strategy Officer Meltem Demirors discusses Facebook's Libra project and its impact on the cryptocurrency market after testifying to the House Financial...Fast Moneyread more
Some 40% of Americans would struggle to come up with even $400 to pay for an emergency expense. Just how are so many Americans so short on cash? Blame debt.Personal Financeread more
Amazon hires Trump-allied lobbyist Jeff Miller as battle for Pentagon contract heats up.Politicsread more
In a series of tweets, the president addressed an unusual controversy stemming from a speech delivered Thursday by New York Fed President John Williams.Marketsread more
Bank of America reported quarterly earnings and revenue that beat analysts' expectations on Monday.
The commercial banking giant posted second-quarter earnings per share of 36 cents, compared to 45 cents a share in the same period a year ago. Analysts had expected the company to report earnings of about 33 cents a share on $20.414 billion in revenue, according to a consensus estimate from Thomson Reuters.
Revenue for the quarter came in at $20.6 billion, against the comparable year-ago figure of $22.345 billion. Bank of America shares rose more than 1 percent when markets opened for trading Monday morning.
"Our responsible growth strategy led to improved customer and client activity and each of our four business segments reported higher earnings than the year-ago quarter," Bank of America CEO Brian Moynihan said in a statement. "We also moved closer to our longer-term performance targets."
Like virtually all U.S. banks, Bank of America has struggled in 2016, first under the weight of plunging loan values in the energy sector as oil prices struggled, and later as the markets began to expect interest rates to stay lower for longer. Bank of America stock is down nearly 20 percent so far this year.
Staffing at the bank is down more than 2.8 percent year-over-year, to more than 210,000 employees, and headcount is also down from the first quarter of the year. While the bank has closed more than 100 financial centers in the last 12 months, that pace appears to have slowed. The bank has only eight fewer financial centers at the end of the second quarter compared to the first quarter, at 4,681, which reflects a slowing in the pace of closure of branches.
Moynihan said during the second quarter that prolonged low interest rates could spur job cuts, and he appeared to acknowledge the lower-for-longer environment on the bank's conference call.
"We believe we surely can [maintain profitability without an interest rate hike]," Moynihan said. "If rates rise, we would expect [net interest income] to grow."
After a turbulent first quarter that hampered many big Wall Street banks, Bank of America also reported better overall sales and trading figures than it did to begin 2016. Additionally, the bank's fixed income, currencies and commodities (FICC) trading division outperformed its first quarter tally. Bank of America CFO Paul Donofrio said on the firm's earnings call that the increase in FICC revenue translated to a 22 percent year-over-year increase.
There were other bright spots for the bank in its earnings report; Bank of America's delinquencies and charge-offs for its U.S. credit card business fell compared to the first quarter, according to its earnings report. Purchasing volumes for its U.S. credit card business rose, however.