All posts tagged: BofA

BofA enhances AI-powered tool to resolve client needs faster

BofA enhances AI-powered tool to resolve client needs faster

Published by Sam Flores

NEW YORK, July 21 : Bank of America said on Tuesday it has enhanced its AI-powered EricaAssist tool, which would help more than 18,000 customer service representatives resolve client needs faster by delivering real-time guidance during conversations. The new generative AI capabilities deliver contextual guidance in under three seconds,, the bank said in a statement. The move comes as major banks are ramping up how they incorporate digital assistants in their daily operations, determining how such agents interact with human colleagues and clients as they race to get ahead. Source link

Global investors turn most bullish since February, BofA survey shows

Global investors turn most bullish since February, BofA survey shows

Published by Sam Flores

MILAN, July 14 : Global investor sentiment has climbed to its strongest level since February, with fund managers growing more optimistic on the economic outlook, artificial intelligence-linked spending and the prospect of a dovish Federal Reserve, Bank of America’s latest Global Fund Manager Survey showed. Cash allocations fell to an “uber-low” of 3.6 per cent from 4.1 per cent in June, level that triggered BofA’s contrarian sell signal, while a record share of respondents said they expect a “no landing” for the global economy. The survey was carried out between July 2 and July 9, after the interim deal to end the U.S.-Iran war and largely before hostilities resumed. Key findings from the July survey in more detail: • Investor sentiment rose to its highest level since February, reflecting optimism about economic growth, AI-related capital expenditure and expectations for easier monetary policy. • A record 54 per cent of respondents expect a “no landing” scenario for the global economy, while only 2 per cent anticipate a hard landing. • U.S. equity allocations were raised to …

US Senator Warren Calls for Fed Watchdog Review of Bowman’s BofA Dinner, WSJ Reports

US Senator Warren Calls for Fed Watchdog Review of Bowman’s BofA Dinner, WSJ Reports

Published by Sam Flores

July 1 (Reuters) – A group of Senate ⁠Democrats ⁠requested on Wednesday that ⁠the Federal Reserve’s in-house watchdog investigate a meeting ​by the central bank’s top bank regulator and financial market ‌participants held during a quiet ‌period for Fed officials. Citing Fed Vice-Chair for Supervision ⁠Michelle Bowman’s ⁠attendance at a Bank of America client event held ​right after the June 16-17 Federal Open Market Committee meeting, the senators wrote “we ask” the Fed’s Inspector General “to review whether her ​attendance or comments violated any statutes, rules, regulations, policies, or ⁠procedures ⁠and whether the Fed’s ⁠existing ​framework governing such external events should be strengthened.” The letter was authored ​by Senators Elizabeth ⁠Warren, Jack Reed, and Chris Van Hollen, and was written to Fed I.G. Michael Horowitz. The letter was first reported by the Wall Street Journal. Fed rules prevent central ⁠bank officials from speaking on monetary policy issues in the days ⁠ahead of and just after FOMC meetings. Bowman, in a statement shared by the Fed, said she did not violate central bank policy. “I did not …

BofA Sees Customer Gas Spending Jump 16%, But Discretionary Spending Holds Up

BofA Sees Customer Gas Spending Jump 16%, But Discretionary Spending Holds Up

Published by Jenni Sidey

The national average for 87-octane gasoline has remained above the politically sensitive $4-a-gallon level for two straight weeks after the largest monthly jump in AAA data going back two decades. The fuel shock has Wall Street analysts focused on whether surging pump prices will begin crowding out discretionary spending. Bank of America CFO Alastair Borthwick told analysts on a conference call earlier today that the fuel shock at the pump has not undermined overall consumer strength so far, though that could change if the Hormuz chokepoint is not resolved in the near term, according to Bloomberg.  The BofA presentation Alastair cited showed that, for the first quarter, consumer spending at the pump was up 3%. For March, gas spending soared 16%. However, no meaningful spending pullbacks were visible elsewhere: Entertainment, travel, and retail spending all remained healthy, with entertainment spending rising 12% in the quarter. BofA has joined a number of other firms, including Chime Financial, in disclosing gas-cost impacts on their customers. Chime’s CFO warned earlier this month that clients spent 25% more on fuel …

French Police Foil Overnight Terror Plot: Suspect Caught Trying To Ignite Bomb Outside BofA Headquarters In Paris

French Police Foil Overnight Terror Plot: Suspect Caught Trying To Ignite Bomb Outside BofA Headquarters In Paris

Published by Jenni Sidey

French anti-terrorism authorities thwarted an attempted attack early Saturday morning when police arrested a suspect as he tried to ignite an explosive device directly in front of the Bank of America headquarters in Paris.  The incident unfolded around 3:25-3:30 a.m. when officers from the Paris police’s BAC (Brigade Anti-Criminalité) unit, already on heightened patrol near the building due to prior threats, spotted the individual attempting to set fire to the device with a lighter. The device consisted of a 5-liter transparent jerrycan filled with an unidentified flammable liquid (reportedly a hydrocarbon such as gasoline) attached to a mortar-style tube or large firecracker containing approximately 650 grams of explosive powder. No detonation occurred, and there were no injuries or damage. A second individual, believed to have been acting as a lookout, fled the scene on foot. The arrested suspect, a 17-year-old minor born in Senegal and residing in a Paris suburb, was taken into custody. During initial questioning, he reportedly claimed he had been dropped off at the location by a driver and was recruited via …