Lending

Bank of America posts $5.5 billion profit, frees money set aside for COVID defaults

Bank of America made a $5.5 billion profit in the fourth quarter, according to the bank's Tuesday earnings report, a sign of resilience for the Charlotte-based bank and for Wall Street as banks broadly bucked the effects of the deadliest period of the COVID-19 pandemic. Revenue in the fourth quarter was $20.1 billion, down from $22.3 billion for the same quarter last year for Bank of America. Interests rates are still near zero, a move from federal policymakers intended to boost the economy, meaning that bank earnings are going to be constrained no matter the economic environment. Bucking the ...

Lori Borgman: Just when you think you can't get any richer

We closed out a bank account we once used for direct deposit and no longer need. Yes, it's a sad day when your direct deposits cease to exist. A moment of silence, please. We went in person to the bank to close the account. For the record, it is the only time either of us have entered a bank wearing masks. It took some time. There was a flurry of activity behind the counter as several people consulted with one another and a bank manager was sought to sign off on things. Finally, we filled out the necessary paperwork, withdrew the remainder in the account, said our goodbyes, and left the bank w...

BMO Harris launches $5 billion program to help Black and Latino businesses and communities

CHICAGO — BMO Harris is launching a $5 billion initiative to support minority-owned businesses and communities, with a significant investment earmarked for Chicago.The five-year program, announced Tuesday, will increase commercial lending opportunities for Black and Latino businesses, which have been hard-hit during the pandemic. It also will include direct investment in underserved communities through affordable housing and neighborhood revitalization.“We’ve seen the disparate impact that it (COVID-19) has had on communities of color during the economic downturn,” said Eric Smith, a Chicago-b...