IBTimes.com : Bank of America Topic

Exclusive: Merrill misstep may hurt battle vs. broker claims

Fri, 25 May 2012 18:35:05 EDT

Merrill Lynch's battle to void a $10 million arbitration ruling suffered a setback this week after a new court filing raised questions about its claims that a panel member had not disclosed her potential conflicts.

Exclusive - Merrill misstep may hurt battle vs. broker claims

Fri, 25 May 2012 18:35:05 EDT

Merrill Lynch's battle to void a $10 million (6.38 million pounds) arbitration ruling suffered a setback this week after a new court filing raised questions about its claims that a panel member had not disclosed her potential conflicts.

Court OKs JPMorgan fee pact; Capital One talks fail

Fri, 25 May 2012 18:00:05 EDT

JPMorgan Chase & Co won preliminary court approval of its agreement to pay $110 million (70.2 million pounds) to settle nationwide litigation accusing it of charging excessive overdraft fees.

In Lehman's Archstone Deal, 'Grave Dancer' Sam Zell Wins Again

Fri, 25 May 2012 17:34:58 EDT

Sam Zell, the Chicago real-estate mogul, has become so well-known for feasting on distressed assets that he's been called the "grave dancer." This week, Zell took the nickname to the next level: He's about to receive $70 million from a ghost.

French, Germany Consumer Confidence Holding Up -- A Dangerous Sign of Euro Zone Crisis Fatigue?

Fri, 25 May 2012 14:33:27 EDT

French and German consumer confidence showed unexpected strength, reports showed Friday. While the market is cheering about the "good news," some economists view this as a warning sign of a euro zone crisis fatigue - something that is as dangerous, if not more so than the crisis itself.

Facebook Shares Drop Again On New Probes Despite Morgan Stanley Investor Pledges

Fri, 25 May 2012 11:19:16 EDT

Shares of Facebook (Nasdaq: FB), the No. 1 social network, fell 3.4 percent again Friday, a week after their disastrous debut in their initial public offering.

Goldman Sachs, Bank of America Downgrade India's Growth Outlook

Fri, 25 May 2012 09:27:34 EDT

India's growth story comes crashing with Goldman Sachs and Bank of America-Merrill Lynch being the latest global firms to downgrade economic forecasts for the country on Friday.

Lehman to buy rest of Archstone for $1.58 billion

Fri, 25 May 2012 09:14:03 EDT

Lehman Brothers Holdings Inc said it would acquire the remaining 26.5 percent of apartment company Archstone that it didn't already own from Barclays Capital and Bank of America Corp for $1.58 billion.

Lehman to buy remaining Archstone stake for $1.58 billion

Fri, 25 May 2012 06:42:03 EDT

Lehman Brothers Holdings Inc said it has bought the remaining 26.5 percent of apartment company Archstone from Barclays Capital and Bank of America Corp for $1.58 billion.

Facebook, ‘Titanic' Of IPOs, Could Poison Tech Company Pipeline

Fri, 25 May 2012 05:49:51 EDT

Faced with the disastrous fallout from the initial public offering of Facebook (Nasdaq: FB), the No. 1 social network, other technology companies that had been waiting to go next may reconsider.

Lehman in $1.58 billion Archstone apartment deal: sources

Thu, 24 May 2012 21:49:03 EDT

Lehman Brothers Holdings Inc, one of three owners of Archstone, has reached a deal to buy the last portion of the apartment company it does not own for $1.58 billion, sources with knowledge of the matter said on Thursday.

Top women on Wall Street: Equal-opportunity axing?

Thu, 24 May 2012 18:00:04 EDT

The financial crisis and its aftermath have been brutal for Wall Street's richest and most powerful women. The latest casualty: Ina Drew, the head of JPMorgan Chase's chief investment office, who departed last week after the bank suffered mammoth trading losses.

Facebook's Shares Recover, But IPO Wounds Fester

Thu, 24 May 2012 12:22:18 EDT

Shares of Facebook (Nasdaq: FB), the No. 1 social network, rose $1.03 to close at $33.03 on Thursday. A week ago, they were priced at $38 for the IPO.

How Much Did Facebook’s Bankers Rake In For The Mega-IPO?

Thu, 24 May 2012 11:41:29 EDT

Facebook (Nasdaq: FB), the No. 1 social network, didn’t just set records for enriching inside investors like CEO Mark Zuckerberg, COO Sheryl Sandberg, Accel Partners and Digital Sky Technologies. Underwriters fared very well.

Judge Tosses Part Of AIG Suit Against Bank Of America

Thu, 24 May 2012 11:36:40 EDT

American International Group Inc. (NYSE: AIG) was partially rebuffed in its effort to get $10 billion out of Bank of America Corp. (NYSE: BAC) Wednesday, as a Los Angeles U.S. district judge dismissed some of the New York re-insurer's claims in its securities lawsuit against the giant Charlotte, North Carolina- bank.

Shareholders sue Facebook, NYSE comes calling

Wed, 23 May 2012 22:00:02 EDT

The fallout from Facebook Inc's messy initial public offering widened on Wednesday as shareholders sued the social network and its bankers while a trading firm revealed a massive loss on the shares and threatened to seek "remedies.".

Regulators, investors turn up heat over Facebook IPO

Wed, 23 May 2012 01:00:05 EDT

Two top U.S. financial regulators said on Tuesday the issues around the initial public offering of Facebook should be reviewed, putting fresh pressure on the company, its lead underwriter, Morgan Stanley, and the Nasdaq stock exchange.

Global Markets Overview - 05/23/2012

Tue, 22 May 2012 19:17:43 EDT

U.S. stocks erased gains from a day spent mostly in positive territory to close flat Tuesday, as worries resurfaced in late trading about potential European instability.

Wells Fargo highlights risk management

Tue, 22 May 2012 19:00:07 EDT

Wells Fargo & Co doesn't employ the same kind of hedging strategy that has triggered a trading loss of at least $2 billion at rival JPMorgan Chase & Co , the bank's chief risk officer said on Tuesday.

Shares falter on Europe concerns; euro dips

Tue, 22 May 2012 17:07:02 EDT

U.S. equities faltered minutes before the close on Tuesday and the euro fell as hopes European leaders will tackle the region's debt crisis ebbed, fanning doubts that much would come of a meeting just a day away.

Wells Fargo increases return targets

Tue, 22 May 2012 16:00:04 EDT

Wells Fargo & Co on Tuesday increased its goals for returns on assets and shareholder payouts while executives pledged to carefully manage risk throughout the company's sweeping operations.

Shares gain on Europe optimism; euro dips

Tue, 22 May 2012 15:28:02 EDT

World equity markets rose for a second consecutive day on Tuesday on hopes European leaders will tackle the region's debt crisis, but the euro fell on doubts that much would come of a meeting just a day away.

Wall Street ticks higher, Facebook falls again

Tue, 22 May 2012 15:21:02 EDT

Stocks advanced on Tuesday, led by financial shares after a strong read on existing home sales encouraged buying in sectors tied to economic growth.

Shares rise on European talks hope; euro dips

Tue, 22 May 2012 14:14:03 EDT

World shares gained for a second consecutive day on Tuesday on hopes European leaders will tackle the region's debt crisis, but the euro fell on doubts that much would come of a meeting just a day away.

Wall Street gains on housing but rally ebbs

Tue, 22 May 2012 12:49:01 EDT

Financial and housing shares nudged Wall Street higher on Tuesday after U.S. existing home sales rose in April to their highest rate in nearly two years, but gains were capped by investors' concerns about the global economic outlook.

Wall Street up on banks, housing data

Tue, 22 May 2012 10:49:02 EDT

Stocks rose on Tuesday, led by financial and housing shares, after home resales rose in April to their highest annual rate in nearly two years in another sign that the housing market may be on the road to recovery.

Wall Street set for flat open; Facebook down premarket

Tue, 22 May 2012 09:21:02 EDT

Wall Street was set to open little changed on Tuesday as concerns about global growth weighed on investor sentiment.

Stocks futures turn higher after Best Buy results

Tue, 22 May 2012 08:35:02 EDT

Stock index futures rose on Tuesday, erasing earlier losses, after shares of No. 1 consumer electronics chain Best Buy jumped following earnings and revenue that topped expectations.

Stock futures drop on global growth concerns

Tue, 22 May 2012 08:14:02 EDT

Stock index futures edged lower on Tuesday after Japan's sovereign rating was cut by Fitch as a political stalemate dimmed chances the country could curb its snowballing debt.

Stock futures signal higher Wall Street open

Tue, 22 May 2012 04:49:02 EDT

Stock index futures pointed to a slightly higher Wall Street open on Tuesday, with futures for the S&P 500, the Dow Jones and the Nasdaq 100 up 0.1 to 0.2 percent.

BofA Analysis: David Jones a Good Buy

Mon, 21 May 2012 20:42:13 EDT

An analysis by Bank of America (BofA) showed that Australian retailer David Jones would be a good buy for now following the drop in company shares at its lowest level since the global financial crisis.

Global Markets Overview - 05/22/2012

Mon, 21 May 2012 19:10:55 EDT

The Nasdaq Composite index rose the most since December as hopes of political progress in Greece and talk of government efforts to buoy China's economy trumped a steep decline in Facebook's newly public stock.

Bank of America CEO "comfortable" with bank's investments

Mon, 21 May 2012 18:00:05 EDT

Bank of America Corp is "very comfortable" with the composition of its corporate investment portfolio, which is invested mostly in government-guaranteed mortgage bonds and U.S. Treasurys, Chief Executive Officer Brian Moynihan said at an investor conference on Monday.

Existing Home Sales, Durable Goods, China PMI: Economic Events For May 21 - 25

Mon, 21 May 2012 09:21:43 EDT

This week's economic calendar is relatively light in the U.S. with the releases of existing home sales, durable goods orders, and the University of Michigan consumer confidence survey. Attention will likely focus on data out of Europe. Euro zone PMIs, Germany IFO survey, and first-quarter gross domestic product data for the U.K. will be released.

Barclays to sell $6.1 billion BlackRock stake

Mon, 21 May 2012 07:07:02 EDT

British bank Barclays said it is to sell its 19.6 percent holding in U.S. asset manager BlackRock, worth $6.1 billion and which it has held for almost three years.

The EuroCrisis and Oil Prices

Sun, 20 May 2012 13:49:00 EDT

A disorderly break-up of the EuroZone could drive Brent Crude Oil prices to as low as 60 bbl in the resulting sharp European recession and negative Global economic consequences, Bank of America Merrill Lynch (NYSE:BAC) said Friday.

Facebook wraps up IPO, set for big Friday pop

Thu, 17 May 2012 21:00:03 EDT

Facebook Inc is set to raise up to $18.4 (11.66 billion pounds) billion in its IPO and become the first U.S. company to be worth more than $100 billion at its debut, as investors bet on a big pop in the stock when it begins trading on the Nasdaq on Friday.

Stock index futures signal slight bounce

Thu, 17 May 2012 06:14:04 EDT

U.S. stock index futures pointed to a higher open on Wall Street on Thursday, with futures for the S&P 500 up 0.25 percent, Dow Jones futures up 0.25 percent and Nasdaq 100 futures up 0.29 percent at 4:09 a.m. EDT.

RBC, Credit Suisse among bidders for BofA wealth units: sources

Thu, 17 May 2012 00:35:03 EDT

Royal Bank of Canada and Credit Suisse are among suitors who have put in initial bids to buy the non-U.S. wealth management business of Bank of America in a deal that could be worth about $2 billion, sources said.

RBC, Credit Suisse eyes BofA's non-U.S. wealth arm: sources

Wed, 16 May 2012 22:56:03 EDT

Royal Bank of Canada and Credit Suisse are among the suitors seeking to bid for the non-U.S. wealth management businesses of Bank of America Merrill Lynch , sources told Reuters, in a deal that could be worth around $2 billion.

Global Markets Overview - 05/17/2012

Wed, 16 May 2012 19:50:54 EDT

The Dow Jones Industrial Average fell for a fourth straight day as confusion over Greece's political future extended the recent stock slide. The blue-chip Dow lost 33.45 points, or 0.26%, to 12598.55, to finish at the day's lows.

MTV Changes Awards Show Airtime To Avoid Conflicting With Obama's Convention Speech

Wed, 16 May 2012 10:51:17 EDT

MTV will change the airtime for its Video Music Awards show in September to avoid a conflict with President Barack Obama, who will be delivering his acceptance speech for the Democratic presidential nomination the same night.

IMF Conducts Stress Test on Big 4

Wed, 16 May 2012 00:33:54 EDT

Officials of the International Monetary Fund (IMF) are in Sydney to conduct stress test on ANZ, Commonwealth Bank, National Australia Bank and Westpac.

BofA hiking relocation aid for troubled homeowners

Tue, 15 May 2012 17:00:04 EDT

Bank of America Corp said on Tuesday it had launched a nationwide program that offers increased relocation payments to delinquent mortgage customers who complete qualifying short sales.

Exclusive: Asset manager TCW looks to cash in on foreclosed homes

Tue, 15 May 2012 16:35:02 EDT

TCW, a Los Angeles-based asset management firm, is looking to raise up to $250 million from investors for a fund that seeks to capitalize on the red-hot U.S. rental market for single-family homes.

JPMorgan Shareholders' Meeting Ends With A Whimper As Reform Proposals Are Rejected

Tue, 15 May 2012 13:28:58 EDT

The annual shareholder's meeting Tuesday of JPMorgan Chase & Co. (NYSE: JPM), widely expected to feature fiery denunciations of leaders at the nation's biggest bank, could hardly have been quieter or more management-friendly.

Wall Street struggles as Greece weighs on investors

Tue, 15 May 2012 12:00:04 EDT

Consumer and financial stocks edged up on Tuesday after the S&P 500 fell for four of the past five sessions, but the broader market struggled as the political impasse in Greece weighed on investor sentiment.

Stock futures point to rebound as banks rise

Tue, 15 May 2012 09:00:05 EDT

Stock index futures pointed to a higher open on Tuesday, recovering from a string of losses as investors sought bargains in beaten-down sectors.

April US Consumer Price Index Flat As Gas Prices Fall

Tue, 15 May 2012 08:50:13 EDT

Consumer prices in the U.S. were flat in April amid signs that a spike in gasoline costs was ebbing, according to government statistics released on Tuesday, supporting the Federal Reserve's view that the jump in fuel costs is only temporary.

Investors: We Expect More ECB Quantitative Easing

Tue, 15 May 2012 08:28:28 EDT

In the latest European Fund Managers Survey from BofA Merrill Lynch investors have stayed calm in the hope that the European Central Bank will control the eurozone crisis with more QE.