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.
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.
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.
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.
"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.