On Monday, Shares of Bank of America Corporation (NYSE:BAC), lost -0.62% to $17.77.
Commercial card programs offered by Bank of America Merrill Lynch continue to grow in popularity for treasury departments in the United States, according to rankings published in the June 2015 issue of the Nilson Report, a publication covering payments systems worldwide.
In the annual listing, Bank of America Merrill Lynch ranked No. 1 in Purchasing Card volume, with a 13% year-over-year growth. The bank also attained top placements in a number of other measurements, counting No. 3 in Corporate Cards, with volume growing 18% year-over-year, and No. 5 in Prepaid Cards, with a 2% year-over-year volume growth.
“We are very gratified by these results, which ultimately reflect the continued trust our clients have in not only our solutions, but in the level of service we are committed to providing from on-boarding through the life of their programs,” said Kevin Phalen, head of Global Card and Comprehensive Payables at Bank of America Merrill Lynch. “Over the last five years, we’ve made considerable investments into our platform, extending our capabilities in response to the demands of our clients.”
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.
Shares of Wells Fargo & Company (NYSE:WFC), inclined 0.07% to $57.91, during its last trading session.
Wells Fargo & Company declared that it will withdraw from mortgage marketing services and desk rental agreements with real estate firms, builders and certain other referral sources. The decision was made as a result of increasing uncertainty surrounding regulatory oversight of these types of arrangements and as part of Wells Fargo’s ongoing efforts to simplify the process that customers experience as they weigh all of their choices when shopping for a mortgage.
The decision is effective Aug. 1 and the wind down will occur over the following 90 days. Termination of these marketing services agreements is not predictable to have a material impact on Wells Fargo’s total mortgage production.
Wells Fargo & Company provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. Its Community Banking segment offers checking, savings, market rate, individual retirement, and health savings accounts, in addition to time deposits and remittances; and lines of credit, auto floor plan lines, equity lines and loans, equipment and transportation loans, education and residential mortgage loans, and debit and credit cards.
Finally, Marathon Petroleum Corporation (NYSE:MPC), ended its last trade with -2.69% loss, and closed at $53.20.
Marathon Petroleum Corporation stated 2015 second-quarter earnings of $826 million, or $1.51 per diluted share, contrast with $855 million, or $1.48 per diluted share, for the second quarter of 2014. Earnings per share for both periods have been adjusted to reflect the two-for-one stock split that occurred during the quarter.
“Second quarter results reflect a solid performance across our operating platform,” said MPC President and Chief Executive Officer Gary R. Heminger. “Refining performance was notable, as our refineries benefited from the combination of high utilization and favorable market conditions.” Heminger pointed out that crack spreads were strong throughout the quarter despite tightening crude differentials. He also noted that during the second quarter, the new condensate splitter went on line at the company`s Catlettsburg, Ky., refinery. “Together with the splitter recently accomplished at our Canton, Ohio, refinery, these two new condensate splitters enhance our system`s refining capacity and our ability to process condensate production from the region`s shale plays,” he said. “MPC`s extensive, high-complexity system and logistics optionality continue to provide opportunities to drive profitability from shifts in North American energy production and transportation, demographic changes in retail markets, and global fuels demand.”
Marathon Petroleum Corporation, together with its auxiliaries, engages in refining, marketing, retailing, and transporting petroleum products primarily in the United States. It operates through three segments: Refining & Marketing, Speedway, and Pipeline Transportation.
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