Bank of America Corporation

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  • May 11, 2012, 9:15 AM
    Market preview: JPMorgan’s revelation of a $2B trading loss is weighing on the broader market, with S&P futures -0.8%; European markets are broadly lower too. Bank stocks are hit hard, as the debacle hands ammunition to boosters of more banking regulation: JPM -8.3%, BAC -2.3%, C -4%, GS -3.2%, MS -3.2%, WFC -1.7%. Still ahead: consumer confidence.
    | May 11, 2012, 9:15 AM | 2 Comments
  • May 11, 2012, 7:11 AM
    "An event like this also gives regulators more firepower in arguing their case for tighter banking regulations," writes Deutsche Bank's Jim Reid of JPMorgan (JPM), maybe partly explaining why the other big banks are dropping in concert. "Questions around internal risk controls, risk management and strategy will arise," and then there's the ratings agencies. (see also)
    | May 11, 2012, 7:11 AM | 9 Comments
  • May 10, 2012, 5:23 PM
    Other banks AH on the JPMorgan news: BAC -3.2%, C -3.2%, GS -2.4%, MS -3.1%. Banking ETF: XLF -2%.
    | May 10, 2012, 5:23 PM | 22 Comments
  • May 8, 2012, 4:24 AM
    BofA (BAC) will this week start contacting 200,000 distressed homeowners offering them a reduction in their mortgages. The move is part of the $25B settlement reached between large lenders and government agencies. BofA's commitment is $11B, although the cost could be more if enough borrowers respond.
    | May 8, 2012, 4:24 AM | 7 Comments
  • May 4, 2012, 3:14 AM

    BofA (BAC) is reportedly in early stage talks with lawyers representing more than 1,000 former Merrill Lynch brokers over a settlement that could cost the bank hundreds of millions of dollars. The brokers, who left the firm after BofA's 2009 takeover, claim they're owed deferred compensation.

    | May 4, 2012, 3:14 AM | 11 Comments
  • May 1, 2012, 3:54 AM
    BofA (BAC) is planning to cut around 2,000 jobs in its investment banking, commercial banking and non-U.S. wealth-management units, sources say, showing even the bank's moneymakers aren't safe amid the industry's relentless cost-cutting. (earlier: BCG's cost-cutting call)
    | May 1, 2012, 3:54 AM | 3 Comments
  • Apr. 30, 2012, 9:05 AM

    Apple (AAPL) and Google (GOOG) could join the Dow in order to keep the index "relevant for a 21st century market," Barron's speculates over the weekend. AA, BAC, and HPQ are seen as possible casualties of such a move. But the paper admits Apple and Google's high share prices would make adding them to the absolute price-weighted index difficult, unless it chooses a new formula.

    | Apr. 30, 2012, 9:05 AM | 7 Comments
  • Apr. 26, 2012, 8:30 PM

    Wall Street may have to carve off another 10%-12%  of its staff if it hopes to achieve higher profitability targets this year, according to a recent report by the Boston Consulting Group. The cuts may include pay reductions as well, particularly for those in the upper ranks, as financial institutions struggle to wring profit from ROEs still languishing in the single digits.

    | Apr. 26, 2012, 8:30 PM | 6 Comments
  • Apr. 26, 2012, 11:55 AM
    Bruce Berkowitz's Fairholme Fund unloaded the rest of its stake in Citigroup (C) as of  Feb. 29. The fund maintained holdings in AIG, BAC, and CIT. Fairholme had an ugly 2011 thanks to its concentration in financials, but is  up 27% YTD (-14.8% Y/Y).
    | Apr. 26, 2012, 11:55 AM | 5 Comments
  • Apr. 26, 2012, 12:45 AM
    With a bidding deadline this morning, some of the biggest banks (including CS, GS, C, BAC, MS, BCS, DB) are jockeying to buy $7.5B in face value of Maiden Lane CDOs. Demand is incredibly high, despite the fact that repackaging these particularly complex securities will be a challenge.
    | Apr. 26, 2012, 12:45 AM | 5 Comments
  • Apr. 25, 2012, 5:07 AM

    BofA (BAC) yesterday won an initial victory in the battle over its $8.5B mortgage bond settlement with investors when an NY supreme court judge rejected a request from AIG to turn the limited proceeding, called Article 77, into a broader inquiry, or a plenary action, for a full hearing. AIG is one of two main objectors to the deal.

    | Apr. 25, 2012, 5:07 AM | 6 Comments
  • Apr. 25, 2012, 3:17 AM
    BofA's (BAC) Michael Rubinoff has stepped down as chairman of global corporate and investment banking, sources say, after he was bumped earlier this year from his role as co-chief of that unit. The move, which has yet to be announced, will put Rubinoff on the growing list of senior execs who have recently left BofA's I-bank.
    | Apr. 25, 2012, 3:17 AM
  • Apr. 25, 2012, 2:11 AM
    With five major banks facing potential downgrades from Moody's - and $22B in extra costs - CEOs are pushing back against the ratings agency with an aggressiveness not seen since before the financial crisis. Sources say Brian Moynihan (BAC) and Vikram Pandit (C) have even argued against the downgrades in person. (see also)
    | Apr. 25, 2012, 2:11 AM | 9 Comments
  • Apr. 23, 2012, 9:05 AM

    Premarket gainers: RDEA +51%. CEDC +20%. KERX +16%. AMLN +12%. PLX +5%.
    Losers: ACHN -14%. ING -7%. CHKP -6%. MT -5%. MT -5%. DB -5%. WMT -5%. AKS -4%. RIO -4%. FSLR -4%. BAC -4%. EPI -4%. TOT -3%. ERIC -3%. NG -3%. FCX -3%. TEF -3%. F -3%. CS -3%. MS -3%. X -3%. RVBD -3%. AMD -3%.

    | Apr. 23, 2012, 9:05 AM | 1 Comment
  • Apr. 20, 2012, 9:12 AM

    Bank of America (BAC) is downgraded to Sell from Underperform by Credit Agricole's Mike Mayo, who maintains his $8 price target. The action - coming from "stopped-clock bank bear Mike Mayo" - earns a spot in Jeff Matthews' "Least Helpful Call Dept." Shares +0.3% premarket.

    | Apr. 20, 2012, 9:12 AM | 35 Comments
  • Apr. 20, 2012, 6:34 AM

    The Consumer Financial Protection Bureau is investigating nine leading banks over their overdraft protection programs and their justifications for the size of their overdraft charges, Bloomberg reports. The probe, which is taking in the usual suspects, such as JPMorgan (JPM), Wells Fargo (WFC) and BofA (BAC), could be another threat to a major source of income.

    | Apr. 20, 2012, 6:34 AM | 2 Comments
Company Description
Bank of America Corporation is a bank holding and a financial holding company. Through its subsidiaries, it provides banking and non-banking financial services and products throughout the United States and in selected international markets.