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Bank of America Corporation (BAC)

  • Oct. 12, 2009, 7:24 PM
    Bank of America (BAC) reverses course and will provide documents regarding legal advice it received during its purchase of Merrill Lynch - meaning, after several months of refusals, a large data dump is coming to regulators and New York AG Andrew Cuomo.
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  • Oct. 8, 2009, 5:45 PM
    Even if you're not forced to invest in GM, Chrysler, Citigroup (C) or Bank of America (BAC), your U.S. investments - like Ford (F) - have to compete with these propped-up zombies, says Martin Hutchinson. So why not look at countries relatively free of the undead: Germany, Korea and Canada?
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  • Oct. 8, 2009, 4:46 PM
    The Service Employees International Union is urging government paymaster Kenneth Feinberg to stop retirement payments to Bank of America's (BAC) departing CEO Kenneth Lewis until the bank stops foreclosures and increases lending. Lewis' package includes $53.2M in benefits and $72.8M in accumulated stock and other compensation.
  • Oct. 8, 2009, 2:32 PM
    Sources say Bank of America (BAC) is selling an $800M claim against Lehman Brothers (LEHMQ.PK), probably to hedge funds. This follows a $1.3B claim sold at 38 cents on the dollar by Morgan Stanley (MS) last month, and Credit Suisse's (CS) attempt to unload a $1B claim.
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  • Oct. 8, 2009, 9:25 AM
    SEC wants its case against Bank of America (BAC) to go to a jury, which would at least give it a better chance than it stands with one Judge Jed Rakoff, who stonewalled their $33M proposed settlement last month. SEC made the request in a court filing yesterday. "The SEC perceives considerable hostility from Judge Rakoff and likely believes it could obtain a more favorable outcome with a jury," a former SEC lawyer says.
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  • Oct. 7, 2009, 5:30 PM
    Among the bullet points The Onion cites as key issues in Ken Lewis' resignation from Bank of America (BAC): "Problems involving banks, America"
  • Oct. 7, 2009, 12:44 PM
    Lawmakers who wanted big banks to match BofA's (BAC) pledge not to further hike credit-card rates got one answer from Wells Fargo (WFC), who expects to raise rates for most customers by 3 percentage points on Nov. 30 - the day before Rep. Barney Frank wants new curbs to become effective.
  • Oct. 7, 2009, 10:00 AM
    Dow leaders early on: CSCO +1.6%. BAC +1.5%. KO +1.4%. Laggards: T -1.5%. MMM -1.1%. BA -1%. MRK -1%.
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  • Oct. 7, 2009, 8:40 AM
    Sources say BofA (BAC) has narrowed its list of internal candidates for CEO to Chief Risk Officer Gregory Curl and Brian Moynihan, the consumer and small-business banking chief - although it continues to consider an outside hire. If Curl, 61, were named CEO, it would likely be a two-year stint; Moynihan, 49, could be a longer-term choice.
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  • Oct. 6, 2009, 7:04 PM
    With a letter to lawmakers, Bank of America (BAC) pledges not to hike credit-card rates or make sudden changes to customers' terms ahead of new consumer protections taking effect in February.
  • Oct. 6, 2009, 3:08 PM
    Dow leaders: AA +3.3%. INTC +2.6%. PFE +2.3%. MRK +2.1%. DIS +1.8%. HPQ +1.8%.
    Dow laggards: BAC -0.7%. BA -0.6%.
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  • Oct. 6, 2009, 2:18 PM
    Bank of America's (BAC) contest to succeed CEO Ken Lewis has been focused on some flashy new hires, but the best execs may have been the ones already guiding the bank back out of the woods, Heidi N. Moore writes in a profile of the lesser-known players.
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  • Oct. 6, 2009, 7:54 AM
    Pay czar Ken Feinberg's first move to clamp down on pay at the seven firms he regulates (AIG, BAC, C, GM, GMAC, Chrysler and Chrysler Financial) will reportedly be to clip top executives' take-home pay, shifting a portion of their compensation into stock with a several-year lockup. The government hopes his suggestions will be voluntarily adopted by other companies.
  • Oct. 5, 2009, 5:52 PM
    With the news that Merrill Lynch is already responsible for a quarter of BofA's (BAC) profits, a source close to the deal thinks Ken Lewis just panicked, and that the seemingly awful deal was always going to be profitable. Maybe this marriage will work after all.
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  • Oct. 5, 2009, 4:34 PM
    American Express (AXP) president Alfred Kelly - blocked from the CEO job by Kenneth Chenault's signaling he's staying put there for a while - is leaving to pursue a chief executive job with another company. Analysts say Kelly's not a likely choice for soon-to-be-chiefless BofA (BAC), though.
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  • Oct. 5, 2009, 3:19 PM
    Dow leaders: AA +5%. JPM +4.5%. CAT +3.7%. BAC +3.3%. GE +3.1%.
    Dow laggards: MSFT -1.5%. KO -0.3%. PG -0.2%. WMT -0.1%.
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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.