$BAC

Berkshire Hathaway, led by Greg Abel, reduced stakes in Bank of America, Ally Financial, and Capital One in Q2, while increasing positions in Delta Air Lines, Lennar Corp, and D.R. Horton. The moves suggest a bet on lower interest rates, benefiting airlines and homebuilders. Bank of America's position was trimmed by 6%, while Capital One's was cut by 58%.

Bank of America (BAC) redeemed 50 Series DD preferred depositary shares held by Chief Accounting Officer Johnbull Okpara at $1,000 per share on March 10, 2026. All such shares were redeemed, and Okpara now holds only 27,749 common shares. Dividends on the redeemed shares ceased accruing on the redemption date.

Bank of America (BAC) announced the redemption of CAD425 million in Floating Rate Senior Notes and CAD1 billion in 1.978% Fixed/Floating Rate Senior Notes, both due September 2027. The redemption is set for September 15, 2026, at 100% of the principal plus accrued interest. The Bank of New York Mellon Trust Company and Computershare Advantage Trust Company are involved as trustee and paying agent, respectively.

G20 members endorsed responsible digital asset innovation, emphasizing economic growth and clear regulatory pathways. They await Financial Stability Board findings on stablecoins and cross-border payments. 21 banks, including Goldman Sachs (GS), Citi (C), and Bank of America (BoFA), plan to launch a stablecoin enterprise by 2027, complying with U.S. and EU regulations. Circle (CRCL), issuer of USDC, saw a 1% price drop in pre-market trading.

Berkshire Hathaway's new CEO, Greg Abel, has 63% of its $360B portfolio in 5 stocks: Apple ($72.87B), American Express ($50.52B), Alphabet ($36.63B), Coca-Cola ($35.86B), and Bank of America ($30.13B). Abel has increased Alphabet's stake significantly and reduced Bank of America's for 8 straight quarters.

Major US companies, including Micron Technology, Vanguard, and financial firms like Goldman Sachs and JPMorgan Chase, are contributing to Trump Accounts, a tax-advantaged child investment program. Eligible children born between 2025 and 2028 receive a $1,000 federal contribution, with employers and others adding funds. Micron committed $250 million, while other firms announced various matching programs and contributions.

A circuit split and OCC preemption determination may lead to Supreme Court review. The Second Circuit ruled New York's mortgage escrow-interest law is preempted, conflicting with the First and Ninth Circuits. The OCC sided with the Second Circuit, but ten state attorneys general challenged the OCC's regulations. The Supreme Court's 2024 decision did not resolve the preemption question, directing the Second Circuit to apply a specific standard.

Jefferies reports a 15% year-over-year decline in investment banking fees for eight global banks, totaling $9.7 billion. Equity capital markets grew 22%, while advisory and debt markets fell. Goldman Sachs and JPMorgan showed the smallest declines. JPMorgan led M&A advisory growth, while Citigroup led in equity capital markets.

US stocks fell on Tuesday as oil prices rose due to US airstrikes on Iran and bond yields climbed. The Dow, S&P 500, and Nasdaq dropped 0.8%, 0.7%, and 1% respectively. Brent crude topped $95 per barrel. Bitcoin also declined over 3% as investors worried about Fed rate hikes. Meanwhile, 21 financial institutions, including Bank of America, Goldman Sachs, and Citigroup, plan to jointly issue a stablecoin.

Investors await Friday's jobs report amid Fed rate hike concerns. US 10-year Treasury yield rose to 4.73%. TLT ETF faces resistance near $84. Weak August jobs data could pressure bank stocks like JPMorgan Chase (JPM), Bank of America (BAC), Wells Fargo (WFC), and Citigroup (C).