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Bank of America Corporation (BAC)

  • May. 28, 2009, 8:42 AM
    The Fed began notifying stress-tested banks they won't be allowed to rely too heavily on expected future revenues to plug capital holes. BoA (BAC) had been counting on billions of dollars of future revenue as part of its plan to shore up its capital.
  • May. 27, 2009, 10:02 AM
    Dow leaders: BAC +1.6%. HD +0.8%.
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  • May. 27, 2009, 9:39 AM
    Bank of America (BAC +2.9%) says it's well on its way to reaching the $33.9B shortfall pegged by the government's stress tests, having raised $26B already - including a new move to convert $5.9B in non-gov't-owned preferreds to common shares.
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  • May. 27, 2009, 8:10 AM
    An accounting rule allowing JPMorgan (JPM) to transform bad loans it bought from WaMu into income is about to net the bank $29B. Wells Fargo (WFC), BoA (BAC) and PNC Financial (PNC) are poised to benefit from the same rule.
  • May. 27, 2009, 7:29 AM
    Citigroup (C) and BoA (BAC) are expected to raise I-banker salaries to compensate for bonus caps. Morgan Stanley (MS) announced a similar plan last week. UBS (UBS), which was criticized for raising I-bank salaries an average of 50%, says it's committed to paying employees 'in line with the market.'
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  • May. 26, 2009, 12:55 PM
    Bank of America (BAC) is hiring staff away from rivals Citigroup (C) and Goldman Sachs (GS) to expand its equity sales business in Japan.
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  • May. 26, 2009, 10:01 AM
    Dow laggards: GM -20.3%. BAC -1.3%. XOM -1.0%. CVX -1.0%.
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  • May. 22, 2009, 3:14 PM
    Merrill Lynch's Asia unit is going through a rocky time. Integration with BoA (BAC), which previously had little presence in the region, has been sluggish, and rivals have been busy luring away top talent.
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  • May. 22, 2009, 10:01 AM
    Dow laggards: AA -2.6%. AXP -2.2%. MSFT -1.6%. BAC -1.6%. GE -1.6%.
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  • May. 22, 2009, 9:47 AM
    Temasek Holdings defends its money-losing exit from BoA (BAC), saying the bank didn't fit its investment criteria and wasn't worth the risk. Sources say Temasek is now planning to invest $600M in China Construction Bank, a move that will raise its stake to 6.5% from 6%.
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  • May. 22, 2009, 8:05 AM
    Analysts say companies that pitch credit cards to riskier customers and those that issue cards for retailers will be hardest hit by new legislation being signed into law today. Major players include BAC, C, COF, HBC, GE and TGT. The new laws - which restrict fees, limit rate increases, and require more transparency - could lop $10B in revenue off the industry's top line.
  • May. 21, 2009, 1:36 PM
    Pressure is growing on BoA's (BAC) Ken Lewis. "It's a battle of wills," says one source. "If the bank turns a profit, Lewis is fine. But if there's another blip down, the board may have to succumb." The board is getting ready to draw up a list of successors.
  • May. 21, 2009, 8:16 AM
    After raising $13.5B in a share sale this week, Bank of America (BAC) plans to pay back its $45B in TARP loans by year-end, much earlier than many expected.
  • May. 20, 2009, 2:14 PM
    Ken Lewis expects continued mergers in the banking industry, but says BoA (BAC) isn't looking for further acquisitions. "We’ve got enough on our hands right now."
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  • May. 20, 2009, 1:02 PM
    BoA's (BAC) Ken Lewis calls a bottom.
  • May. 20, 2009, 10:07 AM
    Dow leaders: BAC +7.1%. GM +6.3%. GE +4.5%. AA +4.0%. C +3.7%.
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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.