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Bloomberg
Bank of America Corp.’s (BofA) online-banking platform went down for several hours, leaving thousands of customers locked out of their accounts before service was restored.
The outage started in the morning and began to be resolved midday. Bank of America’s website and app were both at full capacity in New York, according to a company spokesman.
“Today, some of our clients experienced slowness accessing online or mobile-banking services,†the spokesman said in an email. The Charlotte, North Carolina-based bank is investigating the reason, he said. “All client information remains secure.â€
User reports indicate Bank of America had problems starting around 10 am, according to Downdetector. More than 12,000 complaints were submitted, with customers saying they could not access their accounts to check balances or transfer money — a common use of online banking on the first day of the month.
Digital engagement continues to grow at the company, with more clients using Bank of America’s app and website as their primary channels for everyday banking, borrowing and investing. The company has said it made more than 1,500 enhancements to digital features and platforms in 2020, and is on pace to surpass 2,000 enhancements this year.
bank of america Turns Bearish on European Stocks
Bank of America Corp. strategists have turned bearish on European equities, saying they expect the benchmark Stoxx 600 Index to slump 10% by year-end as economic growth slows and inflation remains elevated.
The macro backdrop is now shifting from a Goldilocks scenario — low inflation, optimal growth — to an “anti-Goldilocks†outlook, strategists led by Sebastian Raedler said in a note.
, cutting the region’s equities to negative from neutral. They expect industries to suffer further from energy shortages, risks in the China property sector and lingering supply chain constraints.
The call came a few hours after data showed that manufacturers are increasingly strained by global supply-chain problems that are pushing up prices and may last well into next year. The Stoxx Europe 600 Index is down about 5% from its August record high as rising bond yields, tapering fears and China risks weighed on appetite.