Bank of America

Money Moves

Q3 profit fell 17% on $1.2B penalty

Q3 earnings season opened strong for asset managers and some banks. BlackRock pulled in $205 billion in client money, lifting assets to $15.5 trillion, and Morgan Stanley beat estimates with $20.3 billion in revenue. Goldman Sachs posted $18.7 billion in revenue, a blowout, according to Fortune.

Updated Nov 1

Rule Changes

Booked a $1.2 billion charge for the October penalties; says it has completed significant remediation steps under the 2024 OCC order and faces a call for a DOJ criminal probe

Bank of America recorded a $1.2 billion non-tax-deductible charge in the third quarter for the penalties Treasury announced October 13. In its quarterly filing on October 30, the bank said it has completed major steps under a December 2024 order to fix its anti-money-laundering program and has added staff and technology since late 2023.

Updated Nov 1

Money Moves

Reported Q3 with total trading revenue down 5%, bucking peers

JPMorgan Chase missed profit estimates for the first time since late 2023, while Goldman Sachs beat by 30% and Morgan Stanley topped expectations. The gap came down to equities trading, which rose 72% at Goldman and 49% at JPMorgan. Treasury yields had their biggest quarterly rise since 2009, which cooled bond desks.

Updated Nov 1

Money Moves

Documentation agent on the $815 million financing

energyRe closed an $815 million financing package on Oct. 12 for five utility-scale solar projects in South Carolina, one of the largest solar-only deals in the state's history. The roughly 360 megawatts of capacity are backed by 25-year power purchase agreements with a large investor-owned utility that energyRe has not named.

Updated Oct 30

Money Moves

As of October 2026: Parent company of Merrill Lynch

Merrill Lynch agreed to pay $39 million to settle a class action that said it paid retirement-account customers near-zero interest on idle cash. The deal, filed Sept. 30 in Manhattan federal court, awaits approval from US District Judge Valerie Caproni.

Updated Oct 3

Money Moves

As of May 2026: Beat Q1 2026 estimates; highest EPS in nearly two decades

The six largest American banks wrapped up first-quarter 2026 reporting with combined net income of $47.3 billion, with trading floors thriving on Iran war volatility even as the outlook darkened. JPMorgan earned $5.94 per share on $50.54 billion in revenue as fixed-income trading surged 21 percent to $7.08 billion, while Citigroup posted its best quarterly revenue in a decade at $24.63 billion. Bank of America earned $1.11 per share, its highest in nearly two decades. Morgan Stanley posted a record equities trading quarter of $5.15 billion and a 29 percent jump in profit. Goldman Sachs led the week with record equities trading revenue of $5.33 billion. The banks announced roughly 5,000 job cuts, using the profit windfall to trim headcount rather than expand.

Updated May 31

Money Moves

As of May 2026: Preliminary court approval for $72.5M settlement (April 3, 2026); final approval pending August 27; no admission of liability

Bank of America agreed to pay $72.5 million to settle a lawsuit alleging it ignored red flags in Epstein's banking, including over $170 million in Leon Black payments not reported as suspicious until his 2019 death. On April 3, U.S. District Judge Jed Rakoff approved the settlement, following $290 million JPMorgan Chase and $75 million Deutsche Bank settlements in 2023.

Updated May 30