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Bank of America Corporation (BAC)

- NYSE
  • Jan. 9, 2012, 10:29 AM
    Bank of America (BAC +2.6%) slashes about 20% of its managing directors across its Asian investment banking division, part of a bid to cut costs in the now not-so-booming region. More than typical herd-culling, "That sounds like carnage," says an executive recruiter.
    | 1 Comment
  • Jan. 9, 2012, 9:48 AM
    As earnings season gets underway, the SEC calls on banks to include more detail about their exposure to European debt. The new guidelines say banks should be breaking out exposure by individual countries and by sovereign vs. corporate, vs. financial, as well detailing the counterparties in any credit default protection.
    | 3 Comments
  • Jan. 9, 2012, 6:25 AM
    Banks will be permitted to go below minimum liquidity levels during financial crises to avoid cash-flow difficulties, although they'll have to hold emergency stocks of easy-to-sell assets, the Basel Committee said today. The panel rejected industry lobbying for a delay from the 2015 start date of the "liquidity coverage ratio."
    | 1 Comment
  • Jan. 6, 2012, 6:55 PM
    Wall Street recruiters are salivating at last year's 61% slump in Bank of America's (BAC) share price, hoping it will be the catalyst that leads to easy poaching of its much vaunted advisor ranks. Excessive bureaucracy, decisions made with little broker input and an agressive push to cross-sell bank products have eroded the culture at Merrill since BofA bought the firm about three years ago.
    | 3 Comments
  • Jan. 6, 2012, 4:35 AM
    BofA (BAC) and Mediobanca (MDIBF.PK), the lead underwriters for UniCredit's €7.5B share offering, have reportedly agreed to buy 10% of the offering, or €750M, should it fail completely, and a smaller amount of shares if the offering is only partially successful. UniCredit is off 36% this week.
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  • Jan. 5, 2012, 4:37 PM
    The White House denies the rumor of a massive mortgage refinancing plan, letting the air out of Bank of America (BAC +8.6%) shares, -2.2% AH. The chatter had sparked BofA to the top of the S&P leader board and seemed to pull the rest of the market out of the doldrums. It was the fifth straight up day for BofA shares, something that never happened in 2011. (also)
    | 8 Comments
  • Jan. 5, 2012, 12:59 PM
    Chatter about an Obama plan for mass mortgage refinancings heats up again, with speculation the President might appoint a "housing advocate" as head of the FHFA, whose current chief has been lukewarm about such an operation. The administration could get their "own man" in there without Senate approval using the same sort of recess appointment just used to install the head of the CFPB.
    | 23 Comments
  • Jan. 5, 2012, 12:20 PM
    Citigroup's Keith Horowitz reiterates a Buy rating on Bank of America (BAC +5.5%), writing that up to an additional $32B could be needed to address mortgage-related losses, but "when you factor in the earnings power and the time it will take to resolve these issues, it appears to be manageable." Shares are already pricing in a large equity offering, Horowitz adds.
    | 2 Comments
  • Jan. 4, 2012, 5:55 PM
    Bank of America (BAC) disputes its LA Times portrayal as putting the squeeze to small businesses: "What we've done is not cut or close credit lines for small business clients across the board, but rather... a very, very, very small percentage of customers, and just put into place standard practices such as a maturity date and an annual renewal process." Some industry watchers aren't buying it.
    | 7 Comments
  • Jan. 4, 2012, 5:15 PM
    According to BTIG's Mark Palmer, Bank of America (BAC) may have to pay MBIA (MBI) $2B to settle a lawsuit filed by the latter against BofA's Countrywide unit, following Tuesday's ruling. MBIA has already reached a settlement with Morgan Stanley (MS) over a similar dispute.
    | 1 Comment
  • Jan. 4, 2012, 8:34 AM
    Barry Ritholtz takes aim at an easy target, goofing on analysts for estimating an average 57% profit increase for the big banks this year, with improved trading results being one of the drivers. "Improved trading results?" Are the banks "going to get better insight, cleaner executions, and be a whole lot luckier than they were in 2011," he muses.
    | 5 Comments
  • Jan. 3, 2012, 5:15 PM
    Bank of America (BAC) is increasingly cutting off lines of credit to small businesses and demanding they pay their balances in full or offering repayment plans at very high interest rates, according to an LA Times story. One business owner says he has cut staff from 200 to 80 after the bank told him the $96K debt his business owed must be repaid in full before the end of January.
    | 44 Comments
  • Jan. 3, 2012, 4:23 PM
    MBIA (MBI +8.1%) soars into the close after a judge in its case against Bank of America's (BAC) Countrywide unit rules the insurer only has to prove Countrywide made misrepresentations about the loans in MBS it sold, rather than proving a "direct causal link" to losses. Shares up another 3.6% AH.
    | 14 Comments
  • Jan. 3, 2012, 2:57 PM
    Buried in Morgan Stanley's bearish note forecasting a 7% drop for the S&P 500 to end the year at 1167, well below consensus: Bank of America (BAC) "is forecasted by analysts to drive 14% of the entire S&P 500 EPS growth for 2012 vs. 2011," and the top six financial firms in the index should contribute 26%. In other words, the fate of the stock market this year will be tied to the strength of financial sector earnings.
    | 6 Comments
  • Jan. 3, 2012, 10:19 AM
    U.S. banks (XLF +3.5%) shoot higher, responding to optimism about economic growth in emerging markets. The cost of insuring against the default of European sovereign debt was up this morning, but CDS protection actually fell for U.S. banks. At Bank of America (BAC +5.5%), CDS spreads fell to 397 bps vs. 404 a week ago and nearly 500 in November. Also: MS +6.2%, JPM +5%, C +7.6%.
    | 2 Comments
  • Dec. 30, 2011, 7:55 PM
    Bottom five Dow losers of 2011: BAC -59%, AA -44%, HPQ -39%, JPM -21%, CSCO -10%. S&P losers: FSLR -75%, ANR -67%, NFLX -61%, BAC -59%, X -56%. Nasdaq losers: YRCWD -99%, TNCC -98%, ENER -95%, MOTR -95%, ROSG -95%.
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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.