Tag: BofA

BofA survey shows fund managers worried about growth expectations, BFSI News, ET BFSI

Banking & Finance

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Mumbai: The latest monthly survey by Bank of America Securities showed fund managers are increasingly worried about growth expectations, China and stagflation.

Cash levels are at a one-year high while growth expectations are the weakest since April 2020, the survey showed.

According to the survey, 6 per cent of fund managers believe global growth will weaken in the next one year while 15 per cent said profit growth will slow. Predictions of a ‘boom’ have dropped to 61 per cent while that of stagflation have risen to 34 per cent, said Bank of America Securities.

Around 85 per cent of the fund managers surveyed expect higher short term rates and pencil one Fed rate hike for 2022.

Short China was the most crowded trade, the survey showed.

The survey also showed that inflation, China and COVID-19 were the biggest risks.

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Bank of America offers $200 to vaccinated Merrill staffers going to office, BFSI News, ET BFSI

Banking & Finance

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Bank of America Corp will pay out $200 awards to its employees at Merrill Lynch Wealth Management who have been fully vaccinated and going to office regularly, according to a memo shared with Reuters on Wednesday.

The awards will be offered to client associates, administrative support and operations staff at BofA-owned Merrill Lynch, a spokesperson for the bank said.

For now, only those staffers who have confirmed they have received their vaccines were asked to return to office, the spokesperson said.

“While there is no vaccine mandate across the company, we strongly recommend employees be vaccinated and to notify us of their status.”

More than 80% of Merrill employees have voluntarily reported their vaccination status and have or are returning to the office, the spokesperson added.

Earlier this year, major Wall Street firms were aggressively planning for most employees to return to office. But the highly contagious Delta variant of the coronavirus forced some of them to postpone the returns.



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