Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Bank of America    BAC

BANK OF AMERICA (BAC)
Mes dernières consult.
Most popular
Report
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

Bank of America : BofA Joint Venture Cuts Staff 10% -- WSJ

share with twitter share with LinkedIn share with facebook
share via e-mail
0
09/27/2017 | 08:49am CET
By Rachel Louise Ensign 

This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (September 27, 2017).

Bank of America Corp.'s merchant-services joint-venture has laid off about 10% of its staffers as a part of a restructuring, according to a person familiar with the matter.

Bank of America Merchant Services let go about 250 employees last week, the person said. The business, operated in conjunction with First Data Corp. since 2009, earlier this year employed about 2,200 people.

Last Wednesday, "we announced to employees a restructuring designed to accelerate our business strategy and better meet merchants' evolving expectations in this increasingly digital era," a firm spokesman said. The unit is trying to bolster the digital services it provides to merchants either through its own technology or partnerships.

The merchant-services company involves helping businesses handle debit- and credit-card transactions. Firms in this line of business often collect a fee for transaction processing and a commission on equipment leases and sales. Industrywide, merchant processors collected about $18.15 billion in debit- and credit-card fees from merchants in 2016, according to the Nilson Report, a newsletter tracking the payments industry.

In 2013, Bank of America Merchant Services was the top U.S. merchant acquirer by Visa and Mastercard purchase volume, with $517 billion in such payments and 654,000 merchant outlets, according to the Nilson Report. By last year, that purchase-volume metric had grown to $546 billion, but it slipped to the second-largest acquirer by Visa and Mastercard purchase volume after J.P. Morgan Chase & Co.'s Chase Merchant Services, which had more than $800 billion in such payments.

Charles Martin, a Tampa, Fla.-based employee who was laid off, said he and two local colleagues were told last Wednesday that their jobs were eliminated and that day would be their final day of work. "It took me by surprise," Mr. Martin said.

Write to Rachel Louise Ensign at [email protected]

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on BANK OF AMERICA
01:09a BANK OF AMERICA : wants more brokerage clients to be bank clients
01/22 BANK OF AMERICA : ends free eBanking checking accounts for some
01/22 BANK OF AMERICA : No More Free Checking for Customers With Low Balances -- Updat..
01/22 BANK OF AMERICA : Merrill Lynch Announces Enhanced Virtual Payables for North Am..
01/22 UBS lifts payouts for investors despite U.S. tax reform hit
01/22 BANK OF AMERICA : No More Free Checking for Customers With Low Balances
01/20 BANK OF AMERICA : public records - Martin County civil
01/20 BANK OF AMERICA : Wall Street Evaded the #MeToo Spotlight -- WSJ
01/20 BANK OF AMERICA : NSC Properties buys Bank of America property
01/20 BANK OF AMERICA : How Wall Street Keeps #metoo Claims Out of the Spotlight -- 2n..
More news
News from SeekingAlpha
01/22 BofA eliminates free checking for small balances
01/22 Credit Card Delinquencies Surging
01/22 Deutsche Boerse launches AI innovator index
01/22 Monday Market Movement - With No Government, What Will Move Us?
01/22 BANK OF AMERICA : If It Ain't Broke, Don't Fix It
Financials ($)
Sales 2018 92 354 M
EBIT 2018 37 892 M
Net income 2018 24 990 M
Debt 2018 -
Yield 2018 1,88%
P/E ratio 2018 13,00
P/E ratio 2019 11,37
Capi. / Sales 2018 3,58x
Capi. / Sales 2019 3,43x
Capitalization 331 B
Chart BANK OF AMERICA
Duration : Period :
Bank of America Technical Analysis Chart | BAC | US0605051046 | 4-Traders
Technical analysis trends BANK OF AMERICA
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 32
Average target price 33,0 $
Spread / Average Target 4,0%
EPS Revisions
Managers
NameTitle
Brian T. Moynihan Chairman, President & Chief Executive Officer
Catherine P. Bessant Co-COO & Chief Technology Officer
Thomas Kell Montag Co-Chief Operating Officer
Paul M. Donofrio Chief Financial Officer
Thomas J. May Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
BANK OF AMERICA7.45%330 859
JP MORGAN CHASE & COMPANY5.68%392 114
INDUSTRIAL AND COMMERCIAL BANK OF CHINA14.84%380 064
WELLS FARGO5.85%316 468
CHINA CONSTRUCTION BANK CORPORATION18.36%290 648
BANK OF CHINA LTD10.83%234 443