Mounting Costs and Charge-offs Influences Bank of America’s Q1 Revenue Margin
Bank of America reported an 18% decline in Q1 profits due to rising expenses and the impact of higher interest rates. Despite this, the bank’s earnings of $6.67 billion exceeded analysts’ expectations.
US Regulators Seize Control of First Republic Bank
The US regulators have seized control of First Republic Bank, making it the third financial institution taken under government control this year, then promptly accepted a bid from JPMorgan Chase for virtually the lender’s all assets.
