Bank of America recently unveiled a strategy focused on the virtual currency segment, making clear the bank’s desire to launch its own stablecoin.

In this regard, BofA CEO Brian Moynihan confirmed last week that the company is in the process of developing a stablecoin, but is cautious about issues such as the regulatory framework and potential customer demand.

As one of the leading financial institutions in the United States, BofA is adjusting to the new dynamics of the financial market and is preparing “to act when the time is right.”

However, assessments are key, so the bank is still “trying to understand how big or small it is, because in some places there aren’t large movements of money,” said Moynihan.

According to the executive, they are considering launching a stablecoin “in partnership with other companies, and he emphasized that the determining factor will be specific customer demand,” demonstrating that BofA maintains a conservative approach to virtual currencies.

M.Pino

Source: diariobitcoin

(Reference image source: Rubaitul Azad on Unsplash)

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La entrada Bank of America is ready to launch its own stablecoin apareció primero en Bitfinance.

Bank of America estimates point to a drop in the price of a barrel of oil in 2025 to $65 per barrel due to an excess of supply and a decrease in demand, marked by the advance of clean energy.

According to Francisco Blanch, head of global commodities research at BofA, “the supply of crude oil in global markets will be abundant, avoiding price spikes similar to those of 2022 after the Russian invasion of Ukraine.”

This surplus has been contributed to by factors such as record US production (20% of global supply) and increased production in Venezuela and Iran.

Beyond OPEC+ production cuts, the intention to regain market share in the future remains. The bank maintains that oil production will increase significantly in Brazil, Guyana, Canada and Argentina in 2025. “This increase in supply, combined with a slowdown in demand, reinforces downward price projections.”

On the other hand, the decrease in demand from China, the world’s largest importer of crude oil, is marked by internal economic problems, such as the collapse of the real estate sector, and its transition to electric vehicles and cleaner energy.

JPMorgan adds in its report “Global Commodities 2025 Outlook”, the slowdown in demand growth of around 1.1 million barrels per day in 2025; “Brent will average $73 per barrel in 2025 and fall to $61 in 2026.”

M.Pino

Source: criptotendencia

(Reference image source: Documerica on Unsplash)

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La entrada Bank of America predicts oil price drop to $65 per barrel in 2025 apareció primero en Bitfinance.

Customers of Bank of America, one of the largest in the United States, could soon have to pay a fee for previously free services if the bank decides to pass on the costs of new regulations from the Consumer Financial Protection Bureau to their accounts to limit overdraft and late payment fees.

According to Marianne Lake, executive director of Consumer & Community Banking (CCB) and member of the JPMorgan Chase Operating Committee, the most affected will be clients who cannot afford to pay these costs.

She added that “the Consumer Financial Protection Bureau proposes an $8 limit for late credit card payments and a $3 limit for overdraft fees.”

Additionally, the agency is considering setting a limit on debit card fees as well as the amount banks can charge companies like Venmo and CashApp to access and use customer data.

Lake stressed that it is very likely that services that users are accustomed to accessing for free, such as their “checking accounts, credit score trackers and planning tools,” will become paid.

M.Pino

Source: revistaeconomia

(Reference image source: Unsplash+, in collaboration with Getty Images)

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La entrada Bank of America warns that it will pass on regulatory charges to clients apareció primero en Bitfinance.

US bank Bank of America posted net attributable profit of $ 7.26 billion for the third quarter of 2021 as a whole, equivalent to an increase of 63.5 % compared to the same period last year, according to of the income statement.

“We have reported strong results as the economy continued to improve and our businesses recovered the organic customer growth we saw before the pandemic,” said Brian Moynihan, President and CEO Brian Moynihan.

Net income between July and September was 22,766 million dollars, 11.9 % more than in the third quarter of 2020. Income from net interests was 11,094 million, 9.5 % more.

On the other hand, the company had a turnover of 9,915 million dollars from the commissions and fees charged, 13 % more, while the market-making activity accounted for income of 2,005 million, 18.7 % more.

In addition to the increase in billing, Bank of America’s profits during the quarter also grew due to the effect of provisions. During the third quarter of 2020, due to the pandemic, the bank provisioned 1,389 million to face possible credit defaults from its clients. The improvement in the economic outlook during 2021 has caused the entity to reduce those funds provisioned and reserved for losses. Thus, between July and September it reduced its provisions by 624 million, which has a positive effect on the accounts.

Source: dpa

La entrada Bank of America reports 63 % profit increase apareció primero en Bitfinance.

Morgan Stanley created a new research division that aims to investigate the development of crypto assets and for this it appointed Sheena Shah as the main cryptocurrency analyst.  Shah comes from playing a crucial role as Morgan Stanley’s “chief currency strategist covering G10 currencies for over eight years and contributed to the bank’s cryptocurrency-related research efforts.”

As part of her new responsibilities, Sheena Shah will focus on studying “the impact of cryptocurrencies on stocks and fixed-income investments, such as treasury and corporate bonds.”

The decision was disseminated through an internal statement to the staff of the financial institution, in which the bank’s board of directors stressed that the formation and launch of a group of people dedicated to cryptocurrency research is due to the increase and importance that has been obtaining this type of digital assets in the world market.

Morgan Stanley, for about a year, has been breaking into the digital asset market, increasing its direct manifestation to Bitcoin through different “Grayscale Investments investment funds”. According to unofficial information, the financial institution “allegedly introduced an investment tool in Bitcoin for millionaire clients.”

The information on the formation of this research group is provided at a time when the traditional financial system is creating and applying strategies that allow it to adapt to the new cryptocurrency market, which is growing surprisingly, “going from about 350,000 million from dollars a year ago to 2.1 trillion today.”

The largest banks in the US are creating a unit within their organizational structure for digital assets. In July the Bank of America instituted a cryptocurrency research division. Previously, State Street had announced its division on digital finance and the big Wall Street banks, JPMorgan and Goldman Sachs Group, also implemented cryptocurrency trading services in 2021.

M. Rodríguez

Source: cointelegraph

La entrada Morgan Stanley launches cryptocurrency research team apareció primero en Bitfinance.

The Bank of America recently created a team dedicated exclusively to conducting research within the field of cryptocurrencies.

Alkesh Shah, the US bank’s innovation data strategy staff, will lead this team along with Mamta Jain andAndrew Moss.

BoFa’s head of global research, Candace Browning, said that “cryptocurrencies and digital assets constitute one of the fastest growing emerging technology ecosystems.”

Some Bank of America analysts have criticized cryptocurrencies like bitcoin for their volatility. When CEO Brian Moynihan testified before the US Senate Banking Committee in May, he said: “We do not lend against cryptocurrencies and we do not bank companies whose core business is cryptocurrencies or the facilitation of trading and investing in them.”

K. Tovar

Source: Beincrypto

La entrada Bank of America creates research team for cryptocurrencies apareció primero en Bitfinance.

Bank of America raised its plan to encourage and improve racial equality and economic opportunity in the United States by $ 250 million through a series of investments and direct actions, according to a statement.

The initial plan, unveiled in June 2020, was to allocate $ 1 billion over a four-year period to these goals. This Monday, the financial institution raised its program to a total of 1,250 million dollars over a period of five years.

Of the initial 1 billion, the firm has already mobilized 350 million in areas such as health, job training, affordable housing and small businesses.

Bank of America explained that the new resources will be used for new investments that address “racial justice” as well as “advocacy and equality” for racialized individuals and communities, especially those of Asian descent.

K. Tovar

Source: dpa

La entrada Bank of America seeks to incentivize racial equality apareció primero en Bitfinance.