Bank of America Corporation(BAC)- NYSE
  • Sep. 24, 2012, 12:51 PM
    Bank of America (BAC) suffered a loss of around $10M on Friday with a "dividend trade" in which traders sell call options the day before an ETF goes ex-dividend with the intention of buying them back cheaper. The play is a favorite of big operators, but - as Friday's experience shows - is definitely not risk-free.
    | Sep. 24, 2012, 12:51 PM | 2 Comments
  • Sep. 22, 2012, 9:15 AM

    Recent online service interruptions at Bank of America (BAC) and JPMorgan Chase (JPM) are believed to have been caused by Iranian hackers who have targeted big U.S. banks repeatedly during the past year. It's not known if Iran's cyber attacks can cause significant damage, but "It's like the nuclear program: It isn't particularly sophisticated but it makes progress every year."

    | Sep. 22, 2012, 9:15 AM | 14 Comments
  • Sep. 20, 2012, 3:20 AM

    BofA (BAC) is speeding up its staff-reduction program and plans to slash 16,000 jobs by the year-end to leave it with 260,000 workers, the WSJ reports. The cuts are part of "Project BAC," which aims to bring savings of $8B a year by 2015. Most of the layoffs will probably come in BofA's consumer ops, with the bank intending to close 200 branches on top of the 178 it shut in 2011.

    | Sep. 20, 2012, 3:20 AM | 8 Comments
  • Sep. 16, 2012, 4:03 AM

    The Office of the Comptroller of the Currency and other regulators are reportedly near to taking action against Citigroup (C) for allegedly not preventing transactions involving drug money and sanctioned countries. The agency is also investigating other Wall St banks, including BofA (BAC) -  adding to probes of foreign rivals - while the DOJ and the Manhattan DA are involved in inquiries as well.

    | Sep. 16, 2012, 4:03 AM | 7 Comments
  • Sep. 13, 2012, 12:18 PM
    Citigroup (C) has a credit card business worth $60B by itself, yet the entire bank is valued at $97B, says former Morgan Stanley CEO Phil Purcell (who spun off Discover during his reign), again making the case for breaking up the big banks. If banks are going to trade at half of book, but have business lines that would fetch 2-3X book, it's a no-brainer. "The shareholder is getting cheated."
    | Sep. 13, 2012, 12:18 PM | 5 Comments
  • Sep. 13, 2012, 4:04 AM
    Freddie Mac will recover an additional $2.2B-$3.4B from banks over soured mortgages after scrutinizing the way it had originally assessed loans that were candidates for repurchase requests. Freddie had reached a $1.35B settlement with BofA (BAC) in January 2011 over the issue, but undertook the review at the behest of the FHFA inspector general, who found Freddie's original methodology lacking.
    | Sep. 13, 2012, 4:04 AM | 1 Comment
  • Sep. 10, 2012, 4:49 PM
    Bank of America (BAC) remains at odds with Fannie Mae, acknowledges CFO Bruce Thompson, speaking at the Barclays Financial Services Conference. Despite Thompson's insisting BofA's exposure to mortgages is mostly quantified, a majority of the attendees cite GSE buyback risk as the main obstacle to investing in the stock.
    | Sep. 10, 2012, 4:49 PM | 1 Comment
  • Sep. 10, 2012, 3:03 PM
    More on Goldman's bank call: Banks need a "Plan B," says the Goldman team. Citigroup (C): Spin off North American real estate assets and write off deferred tax assets. Morgan Stanley (MS): Reduce fixed income assets and use the capital to buy back shares. BofA (BAC), Regions (RF), Zion (ZION), KeyCorp (KEY) - more of the same. Growth isn't there, so cut costs, sell off certain divisions, return capital to shareholders.
    | Sep. 10, 2012, 3:03 PM
  • Sep. 10, 2012, 12:12 PM
    Wells Fargo (WFC) and U.S. Bancorp (USB) are best positioned to return capital to shareholders through buybacks in 2012-13, according to Credit Suisse. As for JPMorgan (JPM), Citigroup (C) and BofA (BAC), the analysts look forward to hearing about the banks' plans at today's Barclays Financial Services Conference.
    | Sep. 10, 2012, 12:12 PM
  • Sep. 10, 2012, 11:45 AM

    In conflict with its own management team, Goldman analysts conclude structural, not cyclical factors are behind the poor performance of the U.S. banking sector. More than half of the top 25 U.S. banks aren't earning enough to cover their cost of capital, says the team, which recommends the big players improve returns by shrinking business lines and instead using the money to buy back shares.

    | Sep. 10, 2012, 11:45 AM | 8 Comments
  • Sep. 7, 2012, 5:19 PM

    Big bank stocks have been on a tear, but a JMP Securities analyst says investors should take profits now, calling the rally unwarranted. The ECB's new plan likely won't have much effect, he says, since it only addresses high borrowing costs for Spain and Italy and doesn’t tackle other issues like Greece. A Greek collapse isn’t being priced in, he says; if it happens, big bank stocks "will fall dramatically."

    | Sep. 7, 2012, 5:19 PM | 7 Comments
  • Sep. 6, 2012, 6:40 PM
    If shareholders crush the Glen-Xstrata merger tomorrow, the pain will be deep for the 10 investment banks that worked on the deal. BNP Paribas, which advised Glencore, would suffer the steepest fall in the global M&A adviser rankings, sliding from no. 14 to no. 23; BofA (BAC), which wasn’t on the deal, would benefit most, rising from no. 8 to no. 4.
    | Sep. 6, 2012, 6:40 PM
  • Aug. 27, 2012, 6:19 PM

    BofA's (BAC) Wealth Management division is holding a conference call tomorrow with Paulson & Co.'s John Paulson, giving the firm's retail advisors and clients a chance to take a shot at his disappointing year-to-date performance. So far in 2012, Paulson's Advantage Plus fund is off 18%, while his Advantage fund is down 13%. Remember, this is on the back of declines in 2011 of over 50% and 36%, respectively, and comes just days following Citigroup's (C) announcement that its Private Bank was pulling $410M out of Paulson's funds.

    | Aug. 27, 2012, 6:19 PM | 7 Comments
  • Aug. 27, 2012, 3:07 AM
    The lawsuits against banks over their alleged manipulation of the Libor and other rates are accumulating, with Charles Schwab (SCHW), cities, insurers,lenders and individual investors assessing or activating their legal options. BlackRock (BLK), Federated Investors (FII) and Calpers are among those calculating whether they lost money. Estimates for banks' liabilities range from $7.8B-$176B.
    | Aug. 27, 2012, 3:07 AM | 2 Comments
  • Aug. 21, 2012, 2:46 PM

    Bank of America (BAC) ends its practice of trying to push products to suspend the credit-card payments of customers facing hardship. So-called credit protection products have sparked a number of lawsuits, including one leading to a $210M fine for Capital One. BofA will pay $20M to make a class-action lawsuit go away. Discover (DFS) expects a hefty fine as well.

    | Aug. 21, 2012, 2:46 PM
  • Aug. 17, 2012, 2:38 PM

    JPMorgan (JPM) heads into Bank of America (BAC) turf, adding a team of commercial bankers in Charlotte as it seeks loan growth in areas where it doesn't have branches. The move follows similar actions in states across the country this year. "If (they) can't buy it, (they'll) build it," says SNL's Nancy Bush, as the bank makes good on its promise to expand middle-market banking outside of its retail territory.

    | Aug. 17, 2012, 2:38 PM | 1 Comment
Company Description
Headquartered in Boston, Fleet offers comprehensive investment management services to individuals with $1 million or more in assets. Investment advisors from Fleet Investment Advisors work as a team with relationship managers from Fleet Private Clients Group to provide integrated financial... More
Sector: Financial
Industry: Regional - Mid-Atlantic Banks
Country: United States