Bank of America Corp
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Financials : Banks | Large Cap Value
Company profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S. Trust, Bank of America Private Wealth Management; Global Banking, which provides a range of lending-related products and services; Global Markets, which offers sales and trading services, and All Other, which consists of equity investments, residual expense allocations and other.

Closing Price
$28.11
Day's Change
1.33 (4.97%)
Bid
--
Ask
--
B/A Size
--
Day's High
29.01
Day's Low
27.88
Volume
(Heavy Day)
Volume:
118,767,892

10-day average volume:
88,272,532
118,767,892

U.S. Bancorp to suspend stock buybacks, to support Fed efforts and as other banks suspend repurchases

9:20 pm ET March 15, 2020 (MarketWatch)
Print

U.S. Bancorp (USB) said Sunday that it will suspend its stock repurchase program temporarily, for the rest of the first quarter and for the second quarter, in response to the COVID-19 pandemic. As of Dec. 31, the bank had $2.41 billion remaining in its stock repurchase program through June 30, 2020. "This action is being taken to support the efforts that the Federal Reserve is taking to moderate the impact of COVID-19 on the economy and global markets by maintaining strong capital levels and liquidity to support customers, employees and shareholders.," U.S. Bancorp said in a statement. The Fed cut on Sunday its benchmark interest rate to zero (http://www.marketwatch.com/story/fed-not-waiting-until-meeting-slashes-rates-to-zero-and-restarts-qe-2020-03-15) and implemented a $700 billion bond-buying program. U.S. Bancorp's announcement comes after the Financial Services Forum, a trade group representing eight of the largest U.S. banks, including J.P. Morgan Chase & Co. (JPM), Bank of America Corp. (BAC) and Citigroup Inc. (C) said its member banks had suspended their share repurchases (http://www.marketwatch.com/story/trade-group-that-represents-jp-morgan-b-of-a-citi-and-others-says-banks-will-suspend-share-buybacks-amid-coronavirus-pandemic-2020-03-15).

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

March 15, 2020 21:20 ET (01:20 GMT)

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