Bank of America

Groceries, cell phones, car payments and student loans — these are just some of the many expenses parents are taking over on behalf of their adult children. If you've wondered how much it all adds up to, a new study by Merrill Lynch and Age Wave has the answer.

Nick de la Canal / WFAE

Bank of America's second-quarter profits jumped 33 percent from a year earlier, the company said Monday, as it cut expenses and, like nearly all other big banks, benefited greatly from the new tax law.

Map shows the location of the planned Seventh & Tryon redevelopment.
SeventhandTryon.com

Five development teams have been asked to submit proposals to redevelop a two-block area along North Tryon Street in uptown Charlotte.  The planned Seventh & Tryon project would include shops, offices, a hotel, and affordable and market-rate apartments alongside a new or renovated Charlotte-Mecklenburg Main Library.

Charlotte has long been one of the nation's largest banking hub
Nick de la Canal / WFAE

Orlando has tourism, Nashville has music, seems like Charlotte has always been defined by its banks. But have you ever wondered why?

bank of america sign
MoneyBlogNewz / Flickr / https://www.flickr.com/creativecommons/by-2.0/

Bank of America will no longer lend money to gun manufacturers that make military-inspired firearms for civilian use.

Bank of America CEO Brian Moynihan spoke at a Charlotte World Affairs Council lunch Wednesday at the Hilton.
David Boraks / WFAE

The new tax law is having a short-term negative effect on profits at the nation's banks. Most, like Bank of America which reported earnings Wednesday, have announced big one-time charges that cut into profits. But overall, the new law is a good thing for banks. 

Bank of America said Wednesday that its fourth-quarter profits fell by nearly half from a year ago, as the bank had to record $2.9 billion in charges related to the new tax law. But setting aside those charges, the bank is showing signs that whatever damage was left over from the financial crisis is largely healed.

Friday was third-quarter earnings day at both Bank of America and Wells Fargo.  BofA beat Wall Street expectations with a bigger profit than a year ago. But Wells Fargo investors were disappointed, as legal expenses related to past mortgage practices contributed to a sharp drop in profits.

Billionaire Warren Buffett's investment company became Bank of America's biggest stockholder this week and it’s already sitting on a big profit.

Bank of America sign
Jennifer Lang / WFAE

"Against modest economic growth of 2 percent, we had one of the strongest quarters in our history." That is how Bank of America CEO and Chairman Brian Moynihan characterized the Charlotte based bank's second quarter results this morning. B of A saw profits rise 10 percent from last year with net earnings of $5.3 billion for the quarter.

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