On Wednesday, Shares of Bank of America Corporation (NYSE:BAC), lost -1.33% to $17.05.
Bank of America downsized its bank branch footprint in San Antonio for the second year in a row, eliminating eight local locations since 2014, according to documents on file with the U.S. Treasury Department Office of the Comptroller, a federal agency that oversees financial institution, according to Business Journals.
Here are the branches closed across the Alamo City over the past two years, and when they closed:
- Main Office: 601 N.W. Loop 410 in January 2014
- Covent Drive up: 1110 Brooklyn Ave. in June 2014
- Leon Valley: 7108 Bandera Road in June 2014
- Brooksfield Banking Center: 1111 Goliad Road in August 2014
- Downtown branch: 4875 W. Commerce St. in March 2015
- Babcock: 4315 N.W. Loop 410 in June 2015
- Colonnade Motor Bank: 9811 I-10 W. in September 2015
- Alamo Heights Bank of America Motor Bank: 200 Austin Hwy. in September 2015
It’s unclear whether the national financial institution will continue on that path into 2016. Business Journals Reports
Bank of America Corporation is a bank holding company. The company, through its auxiliaries, operates through Consumer and Business Banking; Consumer Real Estate Services; Global Wealth and Investment Administration; Global Banking; Global Markets; and Other segments. Its Consumer and Business Banking segment offers a range of deposits and consumer lending services.
Shares of General Electric Company (NYSE:GE), declined -0.74% to $31.05, during its last trading session, as the diversified infrastructure and financial services company plans to separate its renewable energy business from its power unit.
The new renewable energy unit will comprise wind and hydro-power businesses attained from Alstom, Reuters reports.
In November, GE finalized a $9.5 billion transaction in which it will acquire Alstom’s power business.
Additionally, GE will shift a portion of its distributed power business that makes turbines to its oil and gas unit, Reuters notes.
General Electric Company operates as an infrastructure and financial services company worldwide. The company’s Power and Water segment offers gas, steam and aeroderivative turbines, nuclear reactors, generators, combined cycle systems, controls, and related services; wind turbines; and water treatment services and equipment.
Finally, Shares of Freeport-McMoRan Inc. (NYSE:FCX), ended its last trade with -2.87% loss, and closed at $6.77.
With its stock down 70% over the past year, it’s clear that Freeport-McMoRan (NYSE:FCX) has issues that need to be addressed. That being said, the company also has a lot of valuable assets, which is what caught the eye of activist investor Carl Icahn.
Seeing value that he thought was being mismanaged, he took a big stake in the company, becoming its largest shareholder in the process. It’s one that has given him a seat at the table to make changes, quite literally because he now controls a couple of board seats. He’s making good use of those seats, having pushed the company to make a number of key changes in recent weeks, counting what ultimately led to the exit of its co-founder.
Earlier this week, Freeport-McMoRan declared that co-founder Jim Bob Moffett will step down as chairman and quit the board. He’s being replaced by Gerald J. Ford, who will serve as non-executive chairman after serving as lead independent director since 2013. That said, Moffett isn’t going very far. He has been designated chairman emeritus and will serve as a consultant to the board and advise the company on its Indonesia operations, receiving a $1.5 million annual consulting fee. (Source: Motley Fool)
Freeport-McMoRan Inc., a natural resource company, engages in the acquisition of mineral assets, and oil and natural gas resources. It primarily explores for copper, gold, molybdenum, cobalt, silver, and other metals, in addition to oil and gas.