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Bank of America Inc. posted better than expected second quarter earnings on Friday. Bank of America said that it earned $3.2 billion, or 33 cents a share, compared to $3.4 billion, or 72 cents a share, in the year-ago period. Analysts polled by Thomson Reuters expected earnings of 28 cents and revenue of $33.1 billion. BofA shares rose 5 cents or 0.4 percent, to $13.22 in morning trading Friday.

BofA, Citigroup rise after beating estimates, GE slips, Mattel sharply higher

Bank of America Corp posted a quarterly profit that topped Wall Street forecasts, but the largest U.S. bank warned of a fresh surge in troubled loans from credit card, mortgage and business customers due to the weak economy.

Bank of America Corp posted a lower quarterly profit on Friday, hurt by a surge in troubled loans as more credit card and mortgage customers fell behind on payments.

(Corrects profit decline before preferred stock divideds to 5 percent from 7 percent, in 3rd paragraph)

Bank of America Corp posted a lower quarterly profit on Friday, hurt by a surge in troubled loans as more credit card and mortgage customers fell behind on payments.

Bank of America Corp on Friday reported second-quarter results.

Investors were looking to Bank of America and Citigroup for a fresh dose of earnings optimism on Friday, after strong reports from JPMorgan Chase and IBM raised hopes for a global recovery.

JPMorgan Powers Ahead, CIT Plummets, Cap and Trade and Jobs

Former U.S. Treasury Secretary Henry Paulson admitted on Thursday before lawmakers that he had initially underestimated the extent of the financial crisis and described the financial markets at the time as being driven by fear and uncertainty. Paulson said it was appropriate for the government to ensure that Bank of America did go through with the deal.

U.S. lawmakers on Thursday ripped into former Treasury Secretary Henry Paulson over the government's role in Bank of America's merger with Merrill Lynch and other actions to cope with the deep financial crisis that gripped the country last year.

JPMorgan Chase & Co said record investment banking and trading results drove quarterly profit 36 percent higher, topping Wall Street forecasts, but reported a surge in consumer credit losses that foreshadows deeper problems on Main Street.

U.S. lawmakers on Thursday slammed former Treasury Secretary Henry Paulson over the government's role in Bank of America's merger with Merrill Lynch, saying authorities suppressed information about losses and bullied executives into going through with the deal.

Former U.S. Treasury Secretary Henry Paulson said on Thursday before lawmakers that he saw no evidence of any illegal actions as he testified on Capitol Hill over the government's role in Bank of America, Merrill Lynch merger. In prepared remarks submitted to the panel, he says he acted appropriately in December when Charlotte-based BofA threatened to back out of the deal.

Jobless claims, JPMorgan results Paulson on the Hill, Earnings continue

JPMorgan Chase & Co said investment banking and trading drove a larger-than-expected 36 percent jump in quarterly profit despite a surge in credit card and loan losses that could worsen.

The unemployment claims report compiled weekly will release the number of individuals who filed for unemployment insurance for the first time for the week ending July 11. Initial jobless claims in the July 4 week fell a very steep 52,000 to 565,000 -- the lowest level since the beginning of the year.

Bank of America Corp is operating under a secret U.S. regulatory sanction that requires it to overhaul its board and address perceived problems with risk and liquidity management, The Wall Street Journal reported, citing people familiar with the situation.

U.S. Federal Reserve officials have modified their unemployment rate predictions as they expect the rate to top 10 percent above the previously forecast value of 9.6 percent. In June the nation's unemployment rate climbed to 9.5 percent, a 26-year high. The latest projections have cast a new shadow of doubt on the timing the economy will take to recover.

Former U.S. Treasury Secretary Henry Paulson said that he acted appropriately in warning Bank of America Chief Executive Kenneth Lewis that top executives could be ousted if they walked away from a merger with Merrill Lynch.

Two of the biggest U.S. credit card companies, Capital One Financial Corp and Discover Financial Services , reported lower-than-expected defaults and delinquencies in June, sending their shares sharply higher.

Goldman Sachs Group Inc said quarterly earnings surged 33 percent on blowout trading results, trouncing forecasts and putting the bank on pace for hefty bonuses that could draw unwanted scrutiny.

Stocks were stuck in a narrow range on Tuesday as positive corporate results were tempered by concern that consumer demand remains weak.

Stocks fell on Tuesday, weighed by data pointing to weak consumer demand and by profit-taking in banks after a run-up in anticipation of strong results from Goldman Sachs Group .

Royal Bank of Scotland on Tuesday said it will merge its various Asia-Pacific investment banking teams into one group.

The U.S. government and the largest Swiss Bank, UBS, are in talks to settle a lawsuit whereby the U.S. government is seeking the names of American account holders suspected of offshore tax evasion. The court hearing for this case is scheduled For August 3.

Banks led U.S. stocks sharply higher in a volatile session on Monday, after positive comments on financials from normally bearish analyst Meredith Whitney sparked hopes for the sector ahead of earnings.

Stocks rose on Monday, sending the Dow Jones industrial average up 1 percent, as bank shares advanced following an upgrade of Goldman Sachs Group . and bullish comments from an influential analyst.

U.S. stocks were set to open higher on Monday after influential bank analyst Meredith Whitney upgraded Goldman Sachs Group shares and gave bullish comments on financial stocks, sparking hopes corporate quarterly results may be surprisingly strong.