The San Francisco lender has been using its hefty balance sheet to diversify its business as it braces for a rise in interest rates to cut into demand for home loans. It is unclear when the U.S. Federal Reserve will hike interest rates, but Fed Chair Janet Yellen recently said she supports raising rates this year.
Wal-Mart CEO Doug McMillon said Wednesday the company’s investments in its associates, stores, and e-commerce paying off.
BofA has been slashing billions of dollars in costs in its commercial lending, investment banking and wealth management businesses as overnight fund rates remain near zero and worries about China’s economy and uncertainty over the timing of a U.S. rate hike prevent traders from making big bets. Consumer banking was BofA’s only business to report a rise in revenue as the lender restructured its branch network, grew active accounts and
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