Ken Sweet | Associated Press

Richard Rosenberg, who doubled the size of the Charlotte-based Bank of America in the 1990s as chairman and CEO and started the bank on its path to becoming one of the world's largest consumer banking franchises, died Friday, his family said in a statement. He was 92.

The CEO of Bank of America said the recent debate over whether the U.S. economy is technically in a recession or not is missing the point. What matters is that current economic conditions are negatively impacting those who are most vulnerable.

Bank of America says the revenue it gets from overdrafts has dropped 90% from a year ago, after the bank reduced overdraft fees to $10 from $35 and eliminated fees for bounced checks.

Charlotte-based Bank of America posted a 12% decline in first-quarter profits from a year earlier, a decline that was much less than the ones its rivals had reported the previous week. The nation’s second-largest bank was helped by higher net interest income and no noticeable exposure to Russian assets.

Bank of America plans to set the minimum wage for all positions at the company to $25 an hour by 2025. The bank will also mandate that vendors it does business with pay their employees at least $15 an hour. The bank says 99% of its vendors are already in compliance at that level.