Community Good Works
Banks took the Trump administration’s cuts to federal food aid programs during the government shutdown as a signal to step up their giving to food pantries: $270,000 alone in direct response to the cuts. See who else gave back.
The $25-Per-Hour Test Is Here for Local CUs, Banks
Starting this month, Bank of America will be paying its front-line staff at least $25 an hour. Here’s how smaller Massachusetts lenders are responding.
Hub on Causeway Lines Up $490M Refinancing
BXP and Delaware North Cos. are on the verge of landing $490 million in refinancing for The Hub on Causeway’s office and retail space in Boston’s West End.
Personnel File – No. 421
From new VPs to fresh project managers, see who’s been hired, promoted and honored: It’s our weekly Personnel File roundup.
One Congress Refinanced for $650M
Boston’s One Congress office tower received $650 million in refinancing from Bank of America and Wells Fargo.
WinnCompanies Set to Begin 3.3K-Unit South Boston Project
A joint venture of WinnCompanies and the Boston Housing Authority completed financing to begin a decades-long redevelopment of Boston’s Mary Ellen McCormack public housing complex.
Earnings Show Megabanks Thrived in Final Quarter of 2024
JPMorgan’s net income soared 50 percent to more than $14 billion in the fourth quarter as the bank’s profit and revenue easily beat Wall Street forecasts, and other major banks reported banner earnings for the year.
Community Good Works
Oxford-based BankHometown announced a $5,000 donation to the Putnam Veterans Advisory Committee, supporting the creation of an Afghanistan Memorial in Putnam. See who else gave back.
Personnel File – No. 372
From new VPs to fresh project managers, see who’s been hired, promoted and honored: It’s our weekly Personnel File roundup.
Rent Inflation Remains a Pressure Point for Small Biz
The average monthly share of rent in total payments through May is 9.1 percent nation-wide, up significantly from the 2019 average of 5.9 percent, according to new data from Bank of America.
Younger Customers Want More Advice from Their Banks
Personalized financial advice is increasingly important to retail bank customers, especially younger ones, a new J.D. Power survey has found.
Coffee, Sculptures and Advice: Banks Try to Make Branches Less Intimidating
After years of closing or mostly neglecting physical bank branches across the U.S., the nation’s largest banks are spending hundreds of millions of dollars on refurbishing old locations or building new ones, and in the process changing the look, feel and purpose of the local bank branch.
OCC Data: Chase, Bank of America Opening, Closing Branches in Mass.
JPMorgan Chase and Bank of America have filed applications to open and close branches in Massachusetts while Citizens Bank completed the closing of some Stop & Shop branches, according to the latest data from the Office of the Comptroller of the Currency.
Megabank Profits Mostly Fall in Q4 Amid Upbeat CEO Messaging
Three of the nation’s biggest banks said Friday that their profits fall last quarter, as JPMorgan Chase, Bank of America and Citigroup deal with the lingering effects of higher interest rates and the industry costs of last year’s banking crisis that caused the collapse of Silicon Valley Bank and Signature Bank.
OCC: Chase Opened Mass. Branch, BofA Closed ATM in December
It was a relatively quiet month for bank branch activity in December, as JPMorgan Chase established one local branch while Bank of America closed an ATM location, according to the latest data from the OCC.
Community Good Works
Construction giant Suffolk gave $1.5 million in materials and staff time to build out an expanded mental health and brain injury clinic for veterans, active-duty service members and their families. See who else gave back.
Megabank CEOs Warn New Regulations Could Harm the Economy
The heads of Wall Street’s biggest banks used an appearance on Capitol Hill on Wednesday to plead with senators to stop the Biden administration’s proposed changes to how banks are regulated.
BofA Looks to Add Three Mass. Branches After Closing Seven
Bank of America is investing $100 million in its branch network in Massachusetts from 2023 to 2025, for new branch establishments and renovations.
Citizens Bank, BofA Close Some MA Branches in November
Bank of America is closing three of its branches in Greater Boston while Citizens Bank continues to replace branches in grocery stores with video teller-enabled interactive teller machines.
CFPB Orders Bank of America to Pay $12M for False Reporting of Mortgage Data
The Consumer Financial Protection Bureau has ordered Bank of America to pay a $12 million penalty for falsely reporting mortgage applicants’ data from 2016 to 2020.
