Bank of America Corporation (BAC) - NYSE
  • Aug. 13, 2012, 3:48 AM

    Bank of America (BAC) agrees to sell Merrill Lynch's private bank outside the U.S. to Switzerland's Julius Baer for 1.47B Swiss francs ($1.5B). The deal is the latest in a series of divestitures from BofA, which needs a strong cash position to meet Basel III requirements and to pay for all its legal liabilities.

    | Aug. 13, 2012, 3:48 AM | 2 Comments
  • Aug. 12, 2012, 4:30 AM

    The FDIC filed suit on Friday against 11 major banks for allegedly mispresenting the quality of the loans that were packaged together in over $388M of mortgage bonds sold to Alabama-based Colonial Bank, which failed three years ago after being defrauded by Taylor, Bean & Whitaker Mortgage. The banks sued include the usual suspects of JPMorgan (JPM), Citigroup (C), BofA (BAC) and Wells Fargo (WFC).

    | Aug. 12, 2012, 4:30 AM | 27 Comments
  • Aug. 10, 2012, 9:48 AM

    Bank of America (BAC) is nearing the inking of a deal to sell its ex-U.S. Merrill Lynch wealth management business, reports Bloomberg, with an announcement coming as soon as Monday. The price tag has previously been pegged in the $1.5-2B range.

    | Aug. 10, 2012, 9:48 AM | 7 Comments
  • Aug. 10, 2012, 3:24 AM

    The Fed and the Office of the Comptroller of the Currency have directed five leading banks to formulate recovery plans for preventing collapse in the event of severe financial stress and even general instability, Reuters reports. The plans are different to those for living wills, with requests first sent two years ago to Citigroup (C), Morgan Stanley (MS), JPMorgan (JPM), BofA (BAC) and Goldman Sachs (GS).

    | Aug. 10, 2012, 3:24 AM | 3 Comments
  • Aug. 9, 2012, 2:50 PM
    MBIA (MBI +16.2%) continues to add to gains following this morning's earnings call in which CEO Joe Brown vowed to fight BofA (BAC) "all the way." Damages to MBIA from unpaid mortgage putbacks are nearly $5B, Brown contends.
    | Aug. 9, 2012, 2:50 PM | 5 Comments
  • Aug. 9, 2012, 4:56 AM
    U.S. District Judge Naomi Buchwald yesterday suspended a number of new lawsuits against major banks over the Libor affair so she can resolve any motions to dismiss on other cases. Banks being sued over Libor include Citigroup (C), BofA (BAC), HSBC (HBC) and UBS (UBS).
    | Aug. 9, 2012, 4:56 AM | 2 Comments
  • Aug. 6, 2012, 5:57 AM

    Major Wall Street banks such as BofA (BAC), Citigroup (C), Morgan Stanley (MS) and Goldman Sachs (GS) have generally cut their exposure to the eurozone as fears of a breakup increase, while they're also making preparations behind the scenes, the FT reports. These include trying to ensure that contracts denominated in euros won't be converted to any revived currency.

    | Aug. 6, 2012, 5:57 AM
  • Aug. 3, 2012, 5:58 AM

    More on BofA (BAC): BofA also said in its 10-Q that it has received inquiries from regulators about ID theft protection it sold via third-party vendors and whether the bank had proper oversight of those vendors. Clients could have paid for the services but not received them.  (earlier I, II)

    | Aug. 3, 2012, 5:58 AM
  • Aug. 3, 2012, 5:52 AM
    More on BofA (BAC): talks with Fannie Mae (FNMA.OB) over the latter's request that BofA buy back billions of dollars of bad mortgages have become more constructive recently, Reuters reports. In its 10-Q, BofA said that of $10.1B in unresolved claims, $7.3B relate to loans in which borrowers have been paying for over two years. (earlier)
    | Aug. 3, 2012, 5:52 AM | 11 Comments
  • Aug. 3, 2012, 5:12 AM

    BofA (BAC) has received requests for information from U.S. and U.K authorities about the setting of Libor and other interbank rates, BofA said yesterday. The firm is also a defendant, along with other banks, in investor lawsuits over the affair. BofA will take a Q3 charge of $800M related to a fall in the U.K. tax rate, and it will contribute $738M to the credit-card price-fixing settlement in the U.S. (10-Q)

    | Aug. 3, 2012, 5:12 AM | 4 Comments
  • Jul. 31, 2012, 12:18 PM

    Banks haven't over-fired, says Meredith Whitney, arguing the big lenders are only about halfway through their expense-cutting cycle. "I hope I'm around when the over-hiring phase returns." Washington can stay out of the "break 'em up" debate, she says as shareholders are taking care of it, not investing until the banks show they can "earn their cost of capital."

    | Jul. 31, 2012, 12:18 PM | 7 Comments
  • Jul. 30, 2012, 1:03 PM

    Talking about breaking up the big banks is officially trending, with sources indicating Bank of America (BAC) execs and officers discussed the idea but decided against it. In the meantime, "Fast Eddie" Crutchfield, who M&Aed First Union into a sizable player in the 90s, joins Sandy Weil and Phil Purcell: Putting "gargantuan, completely unrelated businesses under one roof is probably not a good idea."

    | Jul. 30, 2012, 1:03 PM | 12 Comments
  • Jul. 29, 2012, 8:36 AM

    Doug Kass pairs a short of Goldman Sachs (GS) against a long in Oaktree (OAK), the investment management firm run by Howard Marks. OAK is off 14% since its April IPO and trades at a discount to other asset managers, even with Marks' impressive track record - especially during difficult markets. Goldman's a value trap as cyclical and secular changes mean the bank's days of 25-30% ROE aren't coming back.

    | Jul. 29, 2012, 8:36 AM | 2 Comments
  • Jul. 24, 2012, 6:08 AM

    BofA (BAC) has received a boost in its attempts to receive court agreement for an $8.5B mortgage-bond settlement with investors after an important opponent of the deal, Boston hedge fund Baupost, said it wished to "withdraw as an intervener in this proceeding." That leaves AIG as the last significant objector to the agreement.

    | Jul. 24, 2012, 6:08 AM | 8 Comments
  • Jul. 23, 2012, 4:59 PM

    Bank of America (BAC) begins rolling out credit card technology aimed at cutting down on hassles U.S. cardholders may encounter when trying to make purchases while abroad. BAC hopes to make sure their international travelers "don't get inconvenienced when traveling overseas with just a mag stripe, which doesn't work so well there any more," an analyst says.

    | Jul. 23, 2012, 4:59 PM | 2 Comments
  • Jul. 23, 2012, 2:23 PM

    Bank of America (BAC +0.3%) is posting a small gain on an ugly day for financials, thanks to positive comments from JPMorgan. The remarks come as BofA reports it reduced its ATM footprint by 9%, or 1,536 units, in 1H, in large part by removing most of the systems installed at U.S. gas stations and malls. The removals are part of BofA's efforts to produce $8B in expense cuts, and to focus on its most profitable clients.

    | Jul. 23, 2012, 2:23 PM | 5 Comments
Company Description
Bank of America Corp. operates as a bank holding company, which provides banking and nonbanking financial services and products through its banking and various nonbanking subsidiaries throughout the U. S. and in certain international markets. It operates through five segments: Consumer and... More
Sector: Financial
Industry: Regional - Mid-Atlantic Banks
Country: United States