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Bank of America Corporation (NYSE:BAC) CEO Brian Moynihan reports at the Sanford Bernstein Strategic Decisions Conference that “everything” for U.S. consumer is “steady as we go”, and that U.S. businesses are “not taking chances” or expanding, but are making money. He also remarked that legacy asset servicing costs are “sort of peaking” as they are “starting to come down”. Further, Moynihan expects that the next phase of the “New Bank of America” will be outlined in July, and that teams have work to do, time to grow loans and that C&I loans need to grow more, while it’s not necessary to grow the balance sheet to grow the business. Finally, the CEO says that Bank of America does not need capital to expand its core businesses.
Investing Insights: Patience is a Smart Strategy with Gold and Silver.
American Express Company (NYSE:AXP) expects “good growth opportunities in U.S.”, taken from comments in a presentation at the Sanford Bernstein Strategic Decisions Conference.
JPMorgan Chase & Co.’s (NYSE:JPM) will make an investment of up to 29.96 percent in the French digital video firm Technicolor (TCLRY), according to Reuters. The latter’s board backs the move, as opposed to the bid from private equity firm Vector Capital.
The Travelers Companies, Inc. (NYSE:TRV): Allstate Corp. (NYSE:ALL) is benefitting from the decline in tornadoes, and projections of fewer major hurricanes, and leads the way among property and casualty insurers to the best yearly start since 2003, says a Bloomberg report. Broker Alon Plc calculates that insured losses from severe weather in the United States came to approximately $1 billion in April, which compares to losses of about $16 billion due to severe weather in April and May of 2011.
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