Who says millenials don't save? A new report from Wells Fargo Retirement says that the percentage of people socking money away in a Roth 401(k) is on the rise. That's the one where you pay taxes now and get the money tax-free when you retire. About 17 percent of people under 30 who are in plans managed by Wells are saving money in Roth accounts, up from 15 percent a year ago.
BOFA EARNINGS: Bank of America earned $3.6 billion for shareholders, or 32 cents per share, in the second quarter. That's up 70 percent from last year. We'll have more throughout the day at CharlotteObserver.com.
TIAA-CREF MEETING DEBATES MIDDLE EAST POLITICS: Yesterday, we said the investment giant's annual meeting would see a protest over health insurance companies. It didn't turn out that way, but there was conflict of another sort. Pro- and anti-Israel activists spent much of the meeting going back and forth over the company's investment in companies that do business with and in the country.
By the way, TIAA-CREF's largest office is in Charlotte. About a third of the company's 8,000 employees are here.
BOFA, WELLS SHARES HIT HIGHS: Both Bank of America and Wells Fargo shares hit 52 week highs on Tuesday. The stock price at BofA crossed $14 in the morning, for the first time since 2011. Shares dipped back below the threshold in the afternoon, however. Wells shares are up nearly 26 percent year-to-date.
BANKS GROWING IN TRIANGLE: While the Triangle isn't quite on Bank Town's level in bank branches or deposits, a number of banks are expanding their presences in the Raleigh area, The News and Observer reports. Our sister newspaper details growth from Bank of North Carolina, New Century Bank of Dunn, First Tennessee Bank of Memphis, TrustAtlantic Bank, Capstone Bank and Wells Fargo. All have opened or announced plans to open new branches this year.
Says UNC Charlotte banking professor Tony Plath: “Raleigh is the most attractive market in the state, hands down, bar none." Ouch.
WELLS EXEC JOINS CPCC BOARD: Madelyn Caple, who is Wells Fargo Private Bank's regional managing director for the Charlotte area, has joined the Central Piedmont Community College board of trustees.
WELLS FARGO BUYS U.K. LOAN PORTFOLIO: It's a $6 billion commercial real estate portfolio from the second-largest German bank. The deal is the latest in a series of foreign loan portfolio acquisitions.
CYBERATTACK WAR GAMES: Some of the nation's largest banks are getting ready to start a cyberattack simulation known as "Quantum Dawn 2," meant to test whether they're ready for a large-scale coordinated attack at a time when they're becoming more common, USA Today reports. Bank of America, Wells Fargo, JPMorgan Chase and Citigroup are said to have signed on to the event, hosted by SIFMA.
GOLDMAN BEATS: Goldman Sachs earnings, released early Tuesday, beat Wall Street estimates, Bloomberg says. Shares were down almost 2 percent though. One analyst called it a "low-quality beat" because profits came from its own investments.
FORMER MERRILL CHIEF DIES: Herbert Allison Jr., who led Merrill Lynch before being tapped to manage the bank bailout program, has died, The New York Times reports. He was 69. Allison also headed TIAA-CREF and Fannie Mae in his career.
CFPB HEAD CONFIRMED: Richard Cordray was finally confirmed by the Senate on Tuesday. That doesn't mean Republicans are any happier with the Consumer Financial Protection Bureau, though. From House financial services committee chairman Rep. Jeb Hensarling: "His confirmation, however, does not change the fact that the CFPB lacks the most basic semblance of accountability and transparency that hardworking taxpayers deserve from government agencies. "
Around Bank Town
ON THE FRONT PAGE: Charlotte's airport could be under state control by Thursday after the N.C. House approves the bill to create an authority. But not so fast. The city is planning to go to court .... Two lanes on Wilkinson Boulevard are washed out.
THE COMMUTE: Besides that Wilkinson wash-out, there's a crash just north of uptown at North Graham and 12th.
X-GAMES VERDICT IN TODAY: Will the X-Games come to Charlotte next year? ESPN says we'll find out today. Charlotte was one of four cities to bid.
NO UNIONS AT HT: Despite being acquired by Kroger, where a majority of workers are in unions, don't expect Harris Teeter employees to join together. The grocer said again in a securities filing Tuesday that it expects to remain union-free.
CHARLOTTE IS HOT: Literally. If you're into rankings, Charlotte is No. 16 among the top 50 metro areas in terms of highest average temperature and humidity. Phoenix is tops, unsurprisingly. By the way, Charlotte had its fifth 90 degree day on Tuesday (that's pretty few for it being mid-July).
TECH STARTUP DIRECTORY: A new blog covering Charlotte's tech start-up scene has come out with a directory of 50 or so companies in that space.