New York, Feb 19, 2026, 11:17 EST — Regular session
Bank of America Corp (BAC.N) slipped 1.5% to $52.54 in late-morning trading Thursday. Shares changed hands around 17 million times, fluctuating between $51.52 and $53.30.
Shares of major U.S. banks dropped, with Bank of America standing out on the downside. Wells Fargo lost 1.4%, Citigroup declined 0.9%, and JPMorgan slipped 0.3%. The Financial Select Sector SPDR Fund (XLF) dropped roughly 1.1%.
Banks have swung with changing rate bets since the Fed’s latest meeting minutes made clear officials aren’t rushing to lower rates—and some are even leaving the door open for hikes if inflation doesn’t budge. “There isn’t a great deal of urgency to cut rates again,” said Peter Dragicevich, Asia-Pacific currency strategist at Corpay. Reuters
Bank of America is scrapping its Preferred Rewards program and rolling out BofA Rewards come May 27, the company announced Wednesday. The shakeup opens the door to anyone with a personal checking account—no balance requirements, according to the bank. Preferred Rewards picked up more than 11 million members since launch, Bank of America noted. Reuters
The lender is rolling out an art consulting service aimed squarely at Bank of America and Merrill clients, particularly high-net-worth individuals turning to art as loan collateral. “It’s a very interesting moment to look for new long-term trends in the art market,” said Drew Watson, Bank of America’s head of art services. Reuters
Vice Chair Bruce Thompson reported the vesting of restricted stock units and shares withheld for taxes in a Form 4 filing, a routine detail in executive compensation reports. The transactions took place Feb. 15, and following these moves, Thompson’s direct holdings totaled roughly 859,151 shares, according to the filing.
Still, building out those retail and wealth ties isn’t free. Fatter perks and steeper discounts hit expenses, and banks chasing deposits can end up paying more to keep funds in-house. If the economy takes a turn for the worse, credit loss concerns could easily resurface.
All eyes turn now to Friday’s Personal Consumption Expenditure report, the Fed’s go-to inflation metric, as traders hunt for signals on the rate path. Fed officials are also set to speak throughout the day, adding more layers to the outlook. Reuters
