Bank of america Stories
BofA and other U.S. banks scramble for capital
Several large U.S. banks undertook big capital-raising efforts on Tuesday, hoping to satisfy regulators who want to see bigger cushions against a deep recession, or proof they have enough of a buffer already.
Ford Taunts GM, Chrysler With Stock Offering
The Wall Street Journal off-leads and Bloomberg reports that Ford Motor Co. (F), the most robust of the Big Three, plans to issue 300 million shares of common stock in a public offering that will further distance itself from its crosstown rivals and will take advantage of an 11-week stock rally.
BofA sells Hopu $7.3 billion stake in CCB: report
Hopu Investment Management Co., led by Goldman Sachs Group Inc’s China partner Fang Fenglei, on Tuesday acquired a 5.8 percent stake in China construction Bank Corp for about $7.3 billion from struggling Bank of America Corp, people with knowledge of the matter told Bloomberg.
Stock futures higher on BofA sale, Bernanke comments
Stock futures pointed to a higher open on Tuesday after positive comments on the economy and banks from Fed Chairman Ben Bernanke and news Bank of America sold its stake in a Chinese bank to help shore up its balance sheet.
Stock futures show flat to higher open as BofA, Ford eyed
Stock futures pointed to a flat to higher open on Tuesday as investors weighed Bank of America Corp's sale of a stake in a Chinese bank and Ford Motor Co signaled it would take advantage of a recent rally by selling stock to raise cash.
Stock futures point to flat open as BofA, Ford eyed
U.S. index stock futures pointed to a nearly flat open on Tuesday, as investors eyed Bank of America's sale of a stake in a Chinese bank and Ford signaled it would take advantage of a recent rally by selling stock to raise cash.
Bank of America sells $7.3 billion CCB stake: source
Bank of America sold $7.3 billion worth of shares in China Construction Bank on Tuesday, according to a source, just days after a U.S. government stress test found the struggling U.S. bank needed to find $34 billion worth of capital.
Stock futures point to rebound on Wall Street
Stock index futures pointed to a higher open on Wall Street on Tuesday after the previous session's bout of profit taking.
Bank of America sells $7.3 billion CCB stake: reports
Bank of America sold about $7.3 billion worth of shares in China Construction Bank , according to media reports, as the struggling U.S. bank seeks to raise money in the financial crisis.
Bank of America sells $7.3 billion CCB stake: report
Bank of America sold about $7.3 billion worth of shares in China Construction Bank , Bloomberg reported citing two people familiar with the transaction, as the struggling U.S. bank seeks to raise money amid the financial crisis.
Profit-taking hits Dow, S&P, but Nasdaq rises
The Dow and the S&P 500 fell on Monday due to profit taking after a two-month run-up, while news of several share offerings weighed on banks as investors worried about their dilutive impact on current shareholders.
Improving markets helped banks pass stress test
U.S. bank regulators breathed a huge sigh of relief in early April when improving financial markets looked set to push the nation's 19 largest banks through the gauntlet of tough stress tests in reasonably good shape.
U.S. banks rush to raise capital
Morgan Stanley and Wells Fargo sold more than $15 billion of shares and bonds, as the two companies rushed to the head of the line of banks looking to raise funds following government stress tests.
Wall St leaps on bank optimism, jobs data
U.S. stocks rose on Friday, and the Nasdaq capped its longest stretch of weekly gains in a decade as stress test results and reassuring jobs data fueled hopes the worst is over for banks and the economy.
Bank confidence, data push Wall St higher
U.S. stocks rose on Friday, and the Nasdaq capped its longest stretch of weekly gains in a decade as stress test results and reassuring jobs data fueled hopes the worst is over for banks and the economy.
Wall St rallies on bank confidence, data
U.S. stocks rose on Friday as results of bank stress tests fueled hopes that the worst is over for the financial sector, and news of fewer-than-expected April job cuts suggested the economic slump is moderating.
Stocks advance on relief on banks, jobs data
Stocks rose on Friday after the government's bank stress tests fueled hopes that the worst is over for the financial sector, while news of fewer-than-expected April job cuts suggested the economic slump was easing.
Lewis to stick with BofA till capital needs are met
The CEO of Bank of America Corp., Kenneth Lewis said on Friday the bank is able to raise the required capital to meet the requirements of the stress tests and that he plans to stay with the bank until the needs are met.
Wall Street gains on bank rally, jobs data
Stocks rose on Friday after the government's stress test results on big banks increased optimism about financial stocks, and data showed employers cut fewer-than-expected jobs in April.
GMAC may be most likely to need taxpayer help
GMAC LLC, the auto and mortgage lender, will likely be forced to seek more taxpayer help in its effort to raise $11.5 billion of new capital following the government
Dow, S&P climb on banks; Tech weighs on Nasdaq
The Dow and S&P 500 rose on Friday after the government's stress tests results on big banks lifted optimism on financial stocks, and data showed employers cut a smaller-than-expected amount of jobs in April.
U.S. banks seek $75 billion
Three big U.S. banks raced to sell stock after the U.S. government said top financial firms have a $75 billion hole in their capital, while first-quarter results from two European banks showed bad debts are soaring.
Wall Street set for higher open
Stock index futures were poised for a higher open on Friday after the government's stress tests results on big banks lifted optimism on financial stocks and data showed employers cut a smaller-than-expected amount of jobs in April.
Stock futures point to shares rising; jobs data eyed
U.S. shares are set to rise on Friday, after stress tests for U.S. banks sparked optimism about the sector's future, and ahead of April's non-farm payroll data.
European banks' bad debts soar
First-quarter results from two more European banks showed bad debts soaring in the face of tough economies, as U.S. rivals prepared to raise $75 billion to provide a cushion for the deepest recession in decades.
U.S. banks race to fill $74.6 billion stress test hole
U.S. regulators told top banks on Thursday to raise $74.6 billion to build a capital cushion officials hope will restore faith in financial firms and set a course out of the deepest recession in decades.
BofA needs $33.9 billion, eyes stock and asset sales
Bank of America Corp , ordered by the government to find $33.9 billion of capital, said on Thursday it planned to sell assets and issue more common stock to cover the shortfall.
Tech, poor auction hits Wall St.; banks up late
Wall Street stocks slid on Thursday as investors took profits from the technology sector's recent surge, while analyst downgrades hurt telecoms and a tepid response to a government bond auction raised fears about public finances.
'Considerable comfort' should follow stress test results: Bernanke
Federal Reserve chief Ben Bernanke said that the results of stress test results today - showing 10 banks need $75 billion in additional capital - should give comfort to investors and the public about the ability of banks to weather an even more adverse economic situation than the nation is facing.
Stress test results: 10 Big Banks need $75B by November
The much anticipated stress test results were finally released on Thursday by the Federal Reserve reflecting that 10 of the nation's 19 largest banks need a total of about $75 billion in new capital.