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$BAC, which competes with $JPM, $C & WFC, said that 2Q16 litigation expense was $270MM. As a result, YoverY expense improvement ex litigation was $600MM. Nearly every category of cost was lower YoverY, led by personnel, including the expiration of the fully amortized advisor awards and the revenue related incentive mostly in Wealth Management.
The latest earnings report by $VZ shows how it is losing customers despite offering the unlimited data plans, a record for the company.
$BEBE is closing down all its stores by the end of May.
$WFC agreed to hike its payout in a class-action settlement over unauthorized accounts by $32 million to $142 million for its retail sales practices. The settlement will now include customers who were impacted as early as May 2002.