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  • Immune Checkpoint Inhibitor TIGIT Found to Promote Tissue Healing

    Immune Checkpoint Inhibitor TIGIT Found to Promote Tissue Healing

    Immune checkpoint inhibitors are well known as a form of cancer treatment. Researchers at UZH have now identified a new, important function of these inhibitors: promotion of tissue healing. This finding could help advance the…

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  • From glorified sheds to sleek sci-fi palaces: how architecture put the zing into football grounds | Architecture

    From glorified sheds to sleek sci-fi palaces: how architecture put the zing into football grounds | Architecture

    Bill Shankly, a man so beloved by Liverpool that there is now a hotel in the city named after him, once famously observed: “Some people believe football is a matter of life and death. I am very disappointed with that attitude. I can assure you…

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  • Bank of America is beating rivals with this strategy, and it’s not costing that much

    Bank of America is beating rivals with this strategy, and it’s not costing that much

    By Steve Gelsi

    Hiring more bankers is paying off, CEO Brian Moynihan says. Separately, Morgan Stanley’s stock hits a record as profit rises above forecasts.

    Bank of America benefited from increased dealmaking on Wall Street.

    Bank of America Corp.’s stock rallied Wednesday after the megabank’s third-quarter profit blasted past Wall Street expectations on a boost in dealmaking and record net interest income, as consumers and businesses kept spending.

    With the good times mostly intact in recent weeks, Bank of America effectively lifted its fourth-quarter outlook for net interest income to a range of $15.6 billion to $15.7 billion, from a range of $15.5 billion to $15.7 billion.

    Bank of America’s stock (BAC) rose 4% in recent afternoon trading. The stock briefly reached an 18-year high when it was up 5.5% at its intraday high of $52.85 around midmorning.

    Among other big banks, shares of Morgan Stanley (MS), which also reported quarterly results on Wednesday (see more below), ran up 5.4% toward a record close.

    Bank of America Chief Executive Brian Moynihan said the bank’s across-the-board improvements in revenue and profit came after steady hiring of dealmakers to play to its strength in business banking and to win market share.

    “You’re seeing a lot of activity in the midsized market in the U.S., which we are capturing through the combination of our investment-banking teammates and our commercial-banking teammates,” Moynihan told analysts on the bank’s conference call.

    At the same time, the bank has reduced its headcount to about 213,000, from a peak of 217,000 seen over the past three years, as it boosts productivity with investments in technology such as its Erica virtual financial assistant, Moynihan said.

    Against this backdrop, the bank’s third-quarter net income increased by 23% to $8.5 billion, or $1.06 a share, from $6.9 billion, or 81 cents a share, in the year-ago quarter.

    Bank of America handily topped the FactSet consensus estimate of 95 cents a share. That marked the widest margin for a bottom-line beat since the first quarter of 2023.

    Revenue for the latest quarter rose 11% to $28.1 billion, ahead of the Wall Street analyst estimate of $27.5 billion.

    Investment-banking revenue increased by 43% to $2 billion, in a particularly big increase among its many business lines.

    Despite jitters over the U.S. economy and volatility in markets because of tariffs and geopolitical upheaval during the third quarter, Bank of America’s provision for credit losses – the money it sets aside for bad loans – fell to $1.3 billion from $1.5 billion in the year-ago quarter.

    The bank also said its net charge-offs, or money it doesn’t expect to be paid back on credit cards and other loans, dropped to $1.4 billion from $1.5 billion.

    While investors grapple with the possibility of an artificial-intelligence bubble and jitters over high-profile bankruptcies of auto-parts maker First Brands and subprime-car-loan specialist Tricolor, client balances rose 11% to $4.6 trillion.

    Read: Jamie Dimon warns, ‘When you see one cockroach, there are probably more,’ after Tricolor loan loss

    Unemployment is still low, the stock market is at or near record highs, home prices are holding up and wage growth has continued, said Chief Financial Officer Alastair Borthwick.

    “The consumer is spending more,” Borthwick said. “While [the media] may ask how they’re feeling, we tend to see how they’re spending, and right now the performance of credit cards is quite good.”

    The bank has no exposure to Tricolor’s bankruptcy, Borthwick said. On Tuesday, rival JPMorgan Chase & Co. (JPM) said it had to book a loss on loans to Tricolor.

    Bank of America took part in an asset-based loan to First Brands, but Borthwick said the bank’s money is backed by collateral and that the bank has a senior position among lenders in the loan.

    CFRA analyst Kenneth Leon upgraded Bank of America’s stock to buy from hold and increased his price target to $58 a share from $52 a share, citing a boost in efficiency resulting from more digital engagement with customers.

    “We expect operating leverage to continue in [the fourth quarter of] 2025 with disciplined cost controls and revenue growth,” Leon said. “More adoption for mobile banking and payment solutions is anticipated.”

    Looking ahead, Leon said Bank of America faces more risk in traditional lending than capital markets.

    “While the consumer remains resilient, we may see credit-card growth slow if the jobs market faces challenges ahead,” Leon said.

    Among the highlights in its third-quarter results, the bank’s overall investment-banking team gained 1.36 percentage points of market share during the quarter.

    Its third-quarter efficiency ratio improved by 3.29 percentage points.

    The bank reported 1 million new credit-card accounts and 212,000 new checking accounts during the quarter.

    Net interest income, or the profit it makes from loans minus the costs of paying interest on deposits, rose 9% from a year ago to $15.2 billion, slightly ahead of the consensus analyst estimate of $15.19 billion and a record for the bank.

    The bank’s results come a day after JPMorgan Chase & Co., Citigroup Inc. (C), Wells Fargo & Co. (WFC) and Goldman Sachs Group Inc. (GS) all reported stronger-than-expected third-quarter earnings.

    Morgan Stanley’s stock advances on fatter third-quarter profit

    Morgan Stanley reported third-quarter net income that rose by 44% to $4.6 billion, or $2.80 per share, from $3.2 billion, or $1.88 per share, in the year-ago quarter.

    Morgan Stanley topped the analyst estimate of $2.10 a share by 33%, which is its largest earnings beat on a percentage basis since December 2020, when it beat the analyst consensus estimate by 47.9%.

    Morgan Stanley’s third-quarter revenue increased to $18.22 billion from $15.38 billion in the year-ago period, ahead of the analyst estimate of $16.69 billion.

    The bank’s wealth-management unit saw a 30% pretax margin as it added $81 billion in net new assets.

    Its institutional securities unit results were driven by a roughly $1 billion increase in its revenue to $4.1 billion, while its investment-banking business’s revenue jumped to $2.11 billion from $1.46 billion.

    Morgan Stanley’s stock has climbed 30.2% in 2025. Meanwhile, Bank of America’s stock has gained 18.6%, ahead of the 13.1% rise in the S&P 500 index SPX and the Financial Select Sector SPDR ETF’s XLF 9.9% advance.

    -Steve Gelsi

    This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

    (END) Dow Jones Newswires

    10-15-25 1333ET

    Copyright (c) 2025 Dow Jones & Company, Inc.

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  • Video games and virtual reality are combining to make government jobs safer

    Video games and virtual reality are combining to make government jobs safer

    Most job-related safety training is pretty basic and involves either listening to a presentation about where the emergency exits are located or learning basic life-saving techniques, like how to “stop, drop and roll,” should you somehow…

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  • ‘Red, White & Royal Wedding’ Nicholas Galitzine Sequel Is Happening

    ‘Red, White & Royal Wedding’ Nicholas Galitzine Sequel Is Happening

    The Red, White & Royal Blue sequel,  Red, White & Royal Wedding, is officially a go at Amazon MGM Studios with 5x Emmy nominated Jamie Babbit stepping in to direct.

    As was previously announced, Nicholas Galitzine and Taylor Zakhar…

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  • Liberate Raises $50M to Build the First-Ever Reasoning AI

    Liberate Raises $50M to Build the First-Ever Reasoning AI

    SAN FRANCISCO, Oct. 15, 2025 (GLOBE NEWSWIRE) — Liberate, the AI company reinventing how insurance carriers and agencies operate and serve their customers, today announced a $50 million Series B funding round led by Battery Ventures, with…

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  • This Google Meet tool could help you look better in meetings – even the early ones

    This Google Meet tool could help you look better in meetings – even the early ones

    Illustration: Maria Diaz/ZDNET | Logo: Google

    Follow ZDNET: Add us as a preferred source on Google.


    ZDNET’s key takeaways

    • Google Meet has a new AI-powered makeup feature.
    • Choose from 12 looks to enhance your appearance during a meeting.
    • It’s…

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  • Insta360’s impressive X5 action cam has fallen to a new low price 

    Insta360’s impressive X5 action cam has fallen to a new low price 

    If you’re looking for a great 360-degree action camera for your next adventure, the Insta360 X5 is an excellent pick that’s on sale in black at Amazon and Best Buy for $499.99 ($50 off) through October 16th, which is an all-time low. It’s…

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