Bank of America (NYSE:BAC)
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Shares of banks, lenders and other financial companies fell alongside a decline in bond yields. The 10-year yield fell after the Labor Department said U.S. consumer prices rose moderately in February, although at a slightly slower pace than the month before. The consumer-price index, which measures what Americans pay for everything from washing machines to hotel stays, rose 2.2% in the year to February, below the 2.3% estimated by economists surveyed by The Wall Street Journal. Inflation poses a threat to the value of government bonds because it chips away at the purchasing power of their fixed payments. In corporate news, foreign affiliates of accounting firms KPMG, Deloitte Touche Tohmatsu and BDO agreed to pay a total of about $390,000 to settle Securities and Exchange Commission allegations that they improperly used other firms to help them audit a South African company. Meanwhile, Bank of America Corp. became the first big U.S. bank to unveil how much more its CEO makes than its typical employee. The lender said in its annual proxy filing that in 2017 Chief Executive Brian Moynihan earned 250 times as much as the median bank employee.(Amy.Pessetto@wsj.com)
(END) Dow Jones Newswires
March 13, 2018 20:22 ET (00:22 GMT)
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