Bank of america Stories
CEO pay down 15 percent, Ellison tops list: NYT
The average compensation for chief executives at the largest publicly traded U.S. companies fell 15 percent last year to $9.53 million, a decline attributable to the falling value of stock and option awards, the New York Times said on Sunday.
Economist Johnson urges breakup of big U.S. banks
America's big banks must be broken up and their risk-taking curtailed or the world's richest economy will face another massive financial crisis, former IMF chief economist Simon Johnson says in a new book.
Banks' mortgage cuts walk consumer tightrope
Bank of America Corp has agreed to forgive some bad mortgage loans and the government is pushing other lenders to follow suit, but on a scale too small to make much of a dent in the nation's huge pile of bad debt.
Bank of America continues Asia hiring push
Bank of America Corp has hired four new executives in its global banking business, including three hires in Asia, as part of its continued push into international banking.
Bankers named suspected conspirators in muni case
Nearly 30 bankers from more than a dozen financial companies have been named by the federal government as suspected co-conspirators in a broad investigation into pricing of certain municipal derivatives, according to court documents.
Bankers named as suspected conspirators in muni case
Nearly 30 bankers from more than a dozen financial companies have been named by the federal government as suspected co-conspirators in a broad investigation into pricing of certain municipal derivatives, according to court documents.
Wall Street finishes flat after auction, debt concerns
U.S. stocks ended flat on Thursday, dropping off earlier highs as a weak U.S. bond auction and global debt concerns continued to weigh on investor sentiment.
BofA to start reducing mortgage principal
Bank of America will on Wednesday announce plans to start forgiving mortgage loan principal for troubled homeowners who owe more than 120 percent of their home's value or are battling ever-expanding negative amortization loans.
BofA looking to expand in China, CEO says
Bank of America Corp is keen to expand in China, Chief Executive Brian Moynihan said on Wednesday.
Obama pay czar demands more trims at bailout firms
The Obama administration's pay czar on Tuesday clamped down on 2010 pay at five U.S. firms that still depend on a government lifeline, but boasted that his burdensome restrictions are not sending talented workers fleeing for the exits.
Bank of America sued for not modifying mortgages
Homeowners have sued Bank of America Corp for allegedly reneging on a promise it made to modify troubled mortgages as a condition of accepting $25 billion of federal bailout money.
Court orders Fed to release bailout documents
In a significant victory for news media, a federal appeals court said the Federal Reserve must disclose records on emergency lending programs to banks bailed out by the government in the financial crisis.
Banks' fourth quarter trading revenue falls 66 percent
Trading revenue at U.S. commercial banks fell 66 percent in the fourth quarter, the Office of the Comptroller of the Currency said on Friday, as uncertainty over pending derivatives legislation added to a seasonal slowdown in trading.
Website's instant posts of Wall Street research banned
A Manhattan federal judge on Thursday barred the financial news service Theflyonthewall.com from issuing immediate news about analyst research from several Wall Street banks, often before recommendations are shared with clients.
Investment bank 2010 revenues seen holding up
Global investment banking revenues this year may match the buoyant levels of 2009, analysts forecast on Tuesday, easing fears of a sharp drop during what looks set to be a pivotal year for the industry.
Investors' risk appetite recovers -BofA Merrill
Risk appetite among fund managers has grown this month with cash being put to work and equity portfolios being built up, Bank of America Merrill Lynch said on Tuesday.
Phillips-Van Heusen to buy Hilfiger for $3 billion
Phillips-Van Heusen , owner of the Calvin Klein label, agreed to buy fashion brand Tommy Hilfiger from London-based Apax Partners in a $3 billion cash-and-stock deal to boost its presence in Europe and Asia.
Credit card data hints at U.S. consumer rebound
Credit card delinquency rates improved at JPMorgan Chase & Co and a majority of others -- a sign the lenders still face hurdles in the wake of the deep recession.
CORRECTED: Ex-NY bank president first accused of TARP fraud
Corrects last paragraph to make clear TARP application was made in November 2008 and chairman Glascoff spoke on March 10, 2009. The errors first occurred in UPDATE 1
Ex-NY bank president accused of defrauding TARP
The former president of New York's privately held Park Avenue Bank was arrested on allegations of fraud on Monday, including charges of making false statements in the failed bank's application for U.S. government bailout funds.
BofA looking to expand business in China: report
Bank of America Corp , the largest U.S. bank, plans to seek approval to expand its operations in China, the Wall Street Journal reported on Sunday, citing people familiar with the situation.
BofA mortgage modifications jump in March
Bank of America Corp completed 20,666 mortgage modifications in March under a U.S. government-backed program, up 61 percent from February, the bank said on Friday.
Examiner sees gimmicks in Lehman demise
Lehman Brothers Holdings Inc used accounting gimmicks and had been insolvent for weeks before it filed for bankruptcy in September 2008, but there was not extensive wrongdoing, a court-appointed examiner has found.
BofA retirement business winning clients: CEO
Bank of America Corp's push into the competitive realm of managing retirement assets is paying early dividends.
BofA under regulatory pressure to shrink: report
Regulators have told Bank of America Corp Chief Executive Brian Moynihan and other executives that the largest U.S. bank by assets must become much smaller, Fox Business Network's Charlie Gasparino reported on Wednesday.
BofA overdraft fee change will bring lower revenue
Bank of America Corp Chief Executive Brian Moynihan said on Wednesday the company's decision to eliminate overdraft fees on debit card transactions will give up a lot of revenue for the largest U.S. bank by assets.
Sen Corker: no exemptions in new watchdog bill
An influential Republican in U.S. Senate talks on financial regulatory reform said on Wednesday there are no special exemptions for particular institutions in a proposed new government financial watchdog agency.
BofA ending overdraft fees on debit cards
Bank of America said on Tuesday it will no longer charge overdraft fees on debit card purchases as of this summer, a move that may cost millions in fee income.
MetLife to buy AIG's Alico unit for $15.5 billion
AIG is selling its foreign life insurance unit to MetLife Inc for about $15.5 billion, in its second major asset sale in a week to repay the U.S. government billions of bailout money.
Citi's Pandit blesses reforms amid watchdog doubts
Citigroup Inc Chief Executive Vikram Pandit on Thursday voiced support for key Obama administration financial reform goals, including a consumer protection authority, but government watchdogs questioned his earnestness.