Bank of America

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Dow Drops 67, Sinks Below 10,000, on IBM, BoA Reports

Dour day cuts into weekly gains

(Newser) - Stocks fell today as optimism about economic recovery waned in the face of disappointing earnings. Bank of American and General Electric’s financing division both posted quarterly losses. IBM, which reported strong profits but spooked investors with downbeat comments on the readiness of businesses to spend on technology, fell 5....

Bank of America Loses $2.2B as Loans Sour

Investment revenues up, but consumers default on nearly $10B

(Newser) - Bank of America Corp. lost more $2.24 billion in the third quarter, the company announced today, as loan losses kept rising. Those losses amounted to nearly $10 billion, providing further evidence that consumers are still struggling to pay their bills. The bank also added $2.1 billion to its...

Pay Czar Blocks Salary for Ken Lewis

BofA CEO will return $1M and forgo any pay this year

(Newser) - President Obama's pay czar has landed his biggest punch yet: Bank of America CEO Ken Lewis will forgo any pay this year and return $1 million he's already accepted. But don't start up a collection just yet: The reason Kenneth Feinberg made the request is because Lewis will receive about...

Lewis Due a Mere $53M From BofA Pension Plan

But President Obama's pay czar could yet step in on that, millions in stock

(Newser) - An executive pension plan Bank of America stopped in 2001—along with “golden parachute” balloon payments to execs leaving the company—will yield about $53 million for departing CEO Ken Lewis. Lewis, 62, participated for years in the plan, which was frozen the year he ascended to the top...

Bank of America's Lewis to Resign at End of Year

(Newser) - Ken Lewis, the embattled CEO of Bank of America, is leaving the company, succumbing to nearly a year of strife that followed his company's acquisition of Merrill Lynch. The bank said in a statement that Lewis, 62, would retire as CEO and also leave the company's board by the end...

BofA Severs Ties With ACORN
 BofA Severs Ties With ACORN 
Sep 28, 2009 9:08 AM CDT

BofA Severs Ties With ACORN

ACORN Housing advocated for homeowners facing foreclosure

(Newser) - Bank of America has cut off ties with ACORN’s housing assistance arm following revelations that employees of the community organizing group gave ill-advised assistance to videographers posing as a pimp and prostitute. ACORN Housing has worked with BofA—among other banks—since the '90s to help homeowners in danger...

Lawsuit Hits BoA for '1,784 Billion, Trillion Dollars'

Man requests cosmic sum to compensate for bad customer service

(Newser) - An angry customer is suing Bank of America for "1,784 billion, trillion dollars" over service he found less than satisfying, Reuters reports. Dalton Chiscolm filed the suit for "inconsistent information from a 'Spanish woman,'” a judge says. "He apparently alleges that checks have been rejected...

Chase, Bank of America Tweak Overdraft Policies

Will eliminate fees on small overdrafts, cut number of times customers can be hit daily

(Newser) - After squawking by legislators, JPMorgan Chase and Bank of America are changing how they charge overdraft fees, the Wall Street Journal reports. BofA now won’t charge customers if they overdraw their accounts by under $10 in one day; at Chase, it’s $5 or less. Both are also reducing...

Dow Down 41; Tech Rises, Banks Fall
 Dow Down 41; 
 Tech Rises, 
 Banks Fall 
MARKETS
Sep 21, 2009 3:13 PM CDT

Dow Down 41; Tech Rises, Banks Fall

September rally sees slight pullback

(Newser) - Stock indices finished mixed today after the markets reached what most traders saw as a slight pause in a very strong September, the Wall Street Journal reports. Financials led declines: AmEx fell 2.9%, while Bank of America lost 1.8%. Google rose 1.1% after Citigroup analysts boosted their...

Congress, BofA Clash Over Merrill Secrets

Bank insists merger talk protected, Towns issues spill deadline

(Newser) - Bank of America claims it doesn't have to produce details about its decision to merge with Merrill Lynch because the conversations are protected by attorney-client privilege. But the chairman of the House Oversight and Government Reform Committee begs to differ, reports the New York Times. The showdown peaked last week...

Feds Probe BofA-Merrill Deal

FBI, Justice Department investigate timing of bonus payments: source

(Newser) - Bank of America's acquisition of Merrill Lynch is the focus of an ongoing investigation by the FBI and Justice Department, sources tell the Charlotte Observer, the bank's hometown paper. The SEC and the AGs of New York and North Carolina have already launched civil probes of the timing of huge...

Merrill's Thain Rues Picking Pricey Office Decor Over Ikea

Former Merrill Lynch CEO denies accelerating bonuses

(Newser) - Merrill Lynch's former CEO issued an apology of sorts for spending $1.2 million—including $35,000 for a commode—to redecorate his office as the firm bottomed out, Bloomberg reports. “We decorated it in the style that Merrill Lynch offices were, which was very, very nice,” John...

Dow Up 108 to 2009 High
 Dow Up 108 to 2009 High 
MARKETS
Sep 16, 2009 3:15 PM CDT

Dow Up 108 to 2009 High

GE, financials gain; Fed shows industrial activity up for August

(Newser) - Stocks rallied today, with all three major indices hitting their highest levels of the year, the Wall Street Journal reports. GE surged 5.69%, AmEx 3.06%, and BofA 2.80% on good data: Industrial production gained 0.8% in August, and the Labor Department’s consumer-price index rose 0....

Cuomo Hits 5 BofA Directors With Subpoenas

Bank's board may have hid Merrill losses from shareholders

(Newser) - Andrew Cuomo subpoenaed five members of Bank of America’s board of directors today in his probe to uncover whether the bank was truthful to shareholders about losses at Merrill Lynch, the Wall Street Journal reports. The New York Attorney General suspects that the board was fully informed of the...

Court Overturns Merrill-BofA Settlement With SEC

Bank's $33M fine doesn't do 'justice' to shareholders, public: judge

(Newser) - A federal judge today scrapped the $33 million settlement Bank of America and the SEC agreed on as punishment for the bank's not informing shareholders of bonuses paid to Merrill Lynch executives just before the bank bought Merrill, the New York Times reports. Saying BofA "materially lied, " Jed...

BofA Cardholder Rips 'Thieving Bastards'

Foe of 'usury and plunder' won't pay 'til CEO watches video

(Newser) - A California woman who says she kept paying her credit card bill even after she lost her job has had enough: She's pledging not to pay down her Bank of America account until the creditor lowers her interest rate, the Huffington Post reports.. It’s “the proverbial first...

Bank of America Ready to Repay $20B in Bailout Cash

But bank haggles with Treasury, Fed over fee for loss-sharing deal

(Newser) - Bank of America may become the latest institution to pay back a portion of its bailout money, with an eye toward escaping Washington's scrutiny of its pay packages. BofA isn't ready to pay back $45 billion in first-round TARP funds, the Wall Street Journal reports, but wants to start with...

Don't Spend Bonus Bucks Yet, Warns 'Clawback' Czar

(Newser) - Just because top banking executives took home hefty paychecks in recent months doesn't mean they'll get to keep the money, reports Reuters. White House pay czar Kenneth Feinberg declared he has clear authority to "claw back" egregious bonuses already paid out by any bank that received federal TARP money....

Dow Off 97 Ahead of Fed News
 Dow Off 97 Ahead of Fed News 
MARKETS
Aug 11, 2009 3:24 PM CDT

Dow Off 97 Ahead of Fed News

S&P falls back below 1,000

(Newser) - Stocks fell today as investors took profits after the recent rally, the Wall Street Journal reports. Traders characterized the market as “on pause” ahead of a Fed statement on interest rates due tomorrow. Bank of America and GE led the Dow lower with 4.4% and 3.6% declines,...

US Banks Hiring Again After Layoffs, Bailouts

But headhunting 'selective,' notes banker

(Newser) - After cutting thousands of jobs over the past two years, American banks are rushing to fill them again as business picks up, Reuters reports. “Back in March and April, no one really knew if the investment banking business was going to exist again," said a search firm exec....

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