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BUSINESS
October 25, 2001 | Bloomberg News
Bank of America Corp., the third-largest U.S. bank, said it will eliminate 600 jobs in its corporate and investment banking unit, trimming costs as underwriting and trading slow. The cuts represent about 7.5% of 8,000 employees in the division and will occur in the next two quarters, said Georgie Shields, a Bank of America spokeswoman. Since taking over the bank in January, Chief Executive Kenneth Lewis has moved fast to exit unprofitable businesses.
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BUSINESS
December 6, 2001 | Bloomberg News
Bank of America Corp. lost its bid for dismissal of a lawsuit accusing the third-largest U.S. bank of obtaining thousands of credit reports without the permission or knowledge of consumers, an attorney for the plaintiffs said. U.S. District Judge Marvin Garbis rejected Bank of America's motion to throw out the suit, which seeks $81 million in damages on behalf of 25 plaintiffs who claim the bank violated the Fair Credit Reporting Act by obtaining their credit reports without permission.
BUSINESS
September 29, 2004 | From Bloomberg News
Bank of America Corp. bought 180,000 Internet phones to connect offices in 29 states as it joins companies including Boeing Co. that are switching to Web-based calling to cut costs. Cisco Systems Inc., the world's largest maker of computer-networking gear, will supply the handsets that let Bank of America replace desk phones in 5,800 offices and branches, San Jose-based Cisco said.
BUSINESS
August 10, 2005 | From Reuters
A U.S. federal judge has allowed Parmalat to proceed with its $10-billion lawsuit against Bank of America Corp., but threw out most of the Italian dairy company's claims. The recent decision is a setback for Parmalat Administrator Enrico Bondi, who has sued the two largest U.S. banks, Bank of America and Citigroup Inc., and former auditors Deloitte & Touche and Grant Thornton International for $10 billion.
BUSINESS
October 30, 2002 | From Bloomberg News
Enron Corp. on Tuesday sued Bank of America Corp., claiming the bank unlawfully took more than $123 million from its bank account as the energy company spiraled into insolvency. Last November, days before Enron's bankruptcy filing, Bank of America "effected a series of unauthorized withdrawals from an Enron bank account which deprived Enron and its creditors of essential operating funds," the lawsuit said.
BUSINESS
November 29, 2006 | From Reuters
Bank of America Corp. on Tuesday surpassed Citigroup Inc. to become the world's largest bank by market value. Based on reported shares outstanding, Bank of America's market capitalization totaled $243.71 billion as of Tuesday's close, while Citigroup's totaled $243.52 billion, Reuters data show. Shares of Bank of America closed up 35 cents at $54.27, while Citigroup fell 33 cents to $49.56. New York-based Citigroup remains the largest U.S. bank by assets, with $1.75 trillion as of Sept.
BUSINESS
June 18, 2003 | From Bloomberg News
Bank of America Corp. has agreed to let clients of its Mexican partner Grupo Financiero Santander Serfin use automated teller machines for free to help gain more clients in the U.S. Latino community. Customers of Santander Serfin, in which Bank of America bought a 24.9% stake for $1.6 billion in March, will be able to use the Charlotte, N.C.-based bank's ATMs without charge to withdraw money and check their accounts. BofA customers will have the same privilege at Serfin's ATMs in Mexico.
BUSINESS
April 6, 2004 | From Reuters
Bank of America Corp., the nation's No. 2 bank, said Monday that it planned to cut 12,500 jobs over the next two years as a result of its $48-billion purchase of FleetBoston Financial Corp. The cuts amount to about 7% of the combined banks' workforce of more than 180,000. Bank of America said about 30% of the cuts would be through attrition.
BUSINESS
April 23, 2007 | From Bloomberg News
Bank of America Corp. agreed to buy Dutch bank ABN Amro Holding's U.S. unit, LaSalle Bank Corp., for about $21 billion, making it the largest bank in Chicago, a person with direct knowledge of the situation said. The purchase would fill one of the few remaining holes in Bank of America's sprawling branch network, the nation's most extensive.
BUSINESS
November 10, 2004 | From Bloomberg News
Bank of America Corp. said Tuesday that the Internal Revenue Service was auditing the company's 1998 and 1999 tax return information related to employee retirement plans. The audit focuses on whether voluntary employee transfers of 401(k) assets into the Bank of America pension plan were legal, the Charlotte, N.C.-based bank said in its quarterly filing with the Securities and Exchange Commission.
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