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The bank’s shares were up 2.4 percent to $29.24 in morning trading. During his near-decade long tenure, Chief Executive Brian Moynihan has focused on making the bank’s sprawling operations more efficient. Two years ago, he pledged to cut expenses to $53 billion by the end of this year, and the bank confirmed it is on track to meet that goal and plans to hold expenses at that level through 2020. Banks have been broadly expected to report higher investment banking fees this year as lower U.S. corporate tax rates and a friendlier regulatory environment encourage deal making.

Moynihan stainless steel black and gold spider-man cufflinks acknowledged on a call with analysts that the bank is underperforming peers when it comes to earning M&A advisory fees, “The team knows they can do a better job, and they’re after it,” he said, The corporate tax cuts have helped boost Bank of America’s bottom line along with its Wall Street peers, while Federal Reserve interest rate hikes have padded net interest income, Total loans increased 2 percent in the quarter for Bank of America, led by growth in its consumer banking and wealth management businesses..

Total loan growth continued to be weighed by its runoff portfolio of consumer real estate loans, while year-over-year growth in Bank of America’s business segments was 5 percent. In comparison, JPMorgan Chase & Co’s core loans, which exclude consumer credit and loans to the biggest corporations, rose 7 percent in the quarter. Citigroup Inc’s total loans rose 5 percent. Loan growth combined with higher interest rates helped push net interest income up during the quarter, but rising interest rates also increased the price the bank pays for its deposits.

The bank has increased the rate it pays for deposits in its wealth management and global banking units, Chief Financial Officer Paul Donofrio said, Overall, Bank of America’s net income applicable to common shareholders rose 36.3 percent to $6.47 billion in the second quarter, Excluding items, it earned stainless steel black and gold spider-man cufflinks 64 cents per share compared with the average expectation of 57 cents per share, according to Thomson Reuters I/B/E/S, Net interest income rose 6 percent as the bank’s large stock of deposits and rate-sensitive mortgage securities helped it take advantage of four interest rate hikes in the past year..

(Reuters) - Warren Buffett has donated roughly $3.4 billion of Berkshire Hathaway Inc (BRKa.N) stock to five charities, the billionaire’s largest contribution in his longstanding plan to give away his fortune. Buffett’s 13th annual donation comprised about 17.7 million Class “B” shares of Berkshire, valued at $192 each as of Monday’s market close. The largest block went to the Bill & Melinda Gates Foundation. Buffett’s own foundation, named for his late first wife Susan, and charities run by his children Howard, Susan and Peter received the rest.

Buffett, 87, has since 2006 made more than $30.9 billion in donations to the charities, including roughly $24.5 billion to the Gates Foundation, His largest previous annual donation had been $3.17 billion, in 2017, Buffett still owns roughly one-sixth of Berkshire, the Omaha, Nebraska-based conglomerate he has run since 1965, despite giving stainless steel black and gold spider-man cufflinks away 43 percent of the shares he owned in 2006, Following the latest donation, Buffett was expected to rank as the world’s fourth-richest person, worth $79.2 billion, according to Forbes magazine..

He would have trailed Amazon.com Inc (AMZN.O) founder Jeff Bezos’ $149.7 billion, Microsoft Corp (MSFT.O) co-founder Bill Gates’ $93.6 billion, and LVMH Moet Hennessy Louis Vuitton (LVMH.PA) Chief Executive Bernard Arnault’s $80 billion. Facebook Inc (FB.O) co-founder and Chief Executive Mark Zuckerberg ranked fifth, at $78.5 billion. The five charities typically sell Buffett’s shares to finance their activities, reflecting his desire that money be spent. Buffett makes smaller donations to other charities.

NEW YORK (Reuters) - The price of oil tumbled more than 4 percent stainless steel black and gold spider-man cufflinks on Monday, putting pressure on energy shares and keeping global stock markets in check, although financial shares rallied after upbeat news from Bank of America and Deutsche Bank, Oil slumped as Libyan ports reopened and traders eyed potential supply increases by Russia and other producers, U.S, crude CLcv1 settled down 4.15 percent at $68.06 a barrel, while Brent LCOcv1 settled at 71.84, down 4.63 percent, and touched a three-month low..



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