Bank of America announces plan to assist communities of color with Covid

spike

Brian Moynihan, chief executive officer of Bank of America Corp., listens during a House Financial Services Committee hearing in Washington, D.C., U.S., on Wednesday, April 10, 2019.

Andrew Harrer | Bloomberg | Getty Images

Bank of America announced Tuesday that it will commit $1 billion over four years to help local communities grapple with the widened economic and racial inequality caused by the Covid-19 outbreak.

The bank said in a press release that the program will focus on “assisting people and communities of color that have experienced a greater impact from the health crisis.”

“Underlying economic and social disparities that

Read More

Bank of America CEO Brian Moynihan says U.S. economy starting to ‘come out of the hole’

spike

Brian Moynihan, Bank of America, speaking at the WEF at Davos, January 21, 2020

Adam Galica | CNBC

The U.S. economy is beginning to recover from shutdowns tied to the coronavirus pandemic, Bank of America CEO Brian Moynihan told CNBC.

Moynihan cited consumer spending figures from the millions of households using his lender’s credit and debit cards: While transactions collapsed by about 30% in April, it was down by only 5% to 10% in May.

“You’re starting to see the economy come out of the hole,” Moynihan told CNBC’s Becky Quick on Squawk Box.You’re seeing us come out

Read More

Cryptocurrency fans lay into bank

spike

Goldman Sachs Group Inc. signage is displayed on a monitor on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, Oct. 7, 2016.

Michael Nagle | Bloomberg | Getty Images

Goldman Sachs isn’t convinced there’s a case for investing in cryptocurrencies like bitcoin. Crypto evangelists — perhaps unsurprisingly — aren’t impressed with its assessment.

The U.S. bank’s consumer and investment management division released a slide deck ahead of an investor call Wednesday, examining the impact of the coronavirus outbreak on the U.S. economy. A sizable chunk of the presentation focused on bitcoin and other

Read More

New strain of trojan EventBot can clear out bank accounts

spike

Researchers are reported to be analysing EventBot, a new strain of Android malware that does not yet exist in the wild.

New strain of trojan EventBot

Cybereason researchers did this by observing submissions to virus detection site VirusTotal not from the general public, but from one source presumed to be cyber thieves testing whether the trojan would be spotted.

Its creators call the malware EventBot, though if it is released it could be disguised within other apps that claim to be games or utilities, or marketed as a component to other criminals. In the Cybereason report, the researchers describe

Read More