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BANK OF AMERICA posted a $4 billion profit in the first quarter of 2020, reflecting a sharp increase in funds set aside for bad loans. AP FILE PHOTO/STEVEN SENNE

BofA posts $4B Q1 profit, builds funds anticipating bad loans

PROVIDENCE - Bank of America Corp. reported a 45% drop in first-quarter earnings driven by a new $3.6 billion reserve build for bad loans...
MAJOR BANKS in the U.S are preparing for a surge in loan defaults due to the COVID-19 pandemic. / AP FILE PHOTO/ STEVEN SENNE

Banks brace for big loan defaults by U.S., global customers

NEW YORK (AP) – The major banks in the United States are anticipating a flood of loan defaults as households and business customers take...
EDYTHE M. DE MARCO is a financial adviser with Merrill Lynch Wealth Management in Providence. / COURTESY BANK OF AMERICA CORP.

Five Questions With: Edythe M. De Marco

Edythe M. De Marco is a financial adviser with Merrill Lynch Wealth Management in Providence and was recently named by Forbes as a 2020...

SBA: Citizens, BankNewport top list of lenders to R.I. small...

PROVIDENCE – Citizens Bank was the top lender to Rhode Island small businesses through the U.S. Small Business Administration’s 7a loan program from Oct....

Survey: Citizens lags big banks on customer banking advice satisfaction

PROVIDENCE – Big banks’ digital advice offerings make them more popular with customers than their regional bank counterparts, including Rhode Island-based Citizens Bank. This was...

Are there new options in works for ‘Superman’ building?

Discussions have been rekindled about how to reoccupy the “Superman” building, the iconic Providence skyscraper that’s been empty and dark for seven years. But...
BANK OF AMERICA posted a $4 billion profit in the first quarter of 2020, reflecting a sharp increase in funds set aside for bad loans. AP FILE PHOTO/STEVEN SENNE

Bank of America eyes growth in employee benefits as Morgan Stanley...

NEW YORK – Bank of America Corp. is seeking to become a one-stop shop for employee benefits. The Charlotte, N.C.-based lender is uniting its offerings...
BANK OF AMERICA CEO Brian Moynihan received $26.5 million in total compensation in 2019. / BLOOMBERG NEWS FILE PHOTO/SIMON DAWSON

BofA leaves CEO’s pay flat at $26.5M after decade at helm

Bank of America Corp. awarded CEO Brian Moynihan $26.5 million for 2019, unchanged from a record amount a year earlier. Moynihan, 60, received $25 million...

Citizens, Bank of America recognized for largest dividend increases in...

PROVIDENCE – It was a good year to be an investor in Citizens Bank and Bank of America Corp. The two banks were among the...
BANK OF AMERICA earned $6.99 billion in the fourth quarter. / AP FILE PHOTO/STEVEN SENNE

Bank of America 4Q profits fall with lower interest rates

NEW YORK (AP) – Consumer banking giant Bank of America is saying its fourth-quarter profits fell 4% from a year ago, as the bank...

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