January 7, 2013 |
In two of the biggest civil settlements since the financial crisis, the nation's biggest banks agreed Monday to cough up nearly $19 billion to resolve federal allegations of mortgage misdeeds. Bankers saw the settlements as a major step in providing more certainty for their balance sheets and possibly foreshadowing an end to the era of billion-dollar mea culpas and open-ended regulatory probes. In one case, 10 banks settled with regulators for $8.5 billion. In the second, Bank of America Corp.
December 11, 2012 |
Customers last year were not pleased with Bank of America and its many fees, giving the institution its lowest satisfaction score since 2000. The score of 66 on a scale of 100 is 3% lower than the bank's tally in 2010, according to the American Customer Satisfaction Index . The Charlotte, N.C., company now trails all of its major banking rivals and is the only institution with a grade that's lower than its pre-recession level. It's the least popular bank for the fourth year in a row. JPMorgan Chase leads the pack of big banks, rising 6% to a score of 74. It beat out Wells Fargo, which has led the board since 2009 but last year slipped 3% to 71. Citigroup dipped 4% to 70. Quiz: The year in business The overall banking sector saw consumer satisfaction with checking, savings and loan services swell 2.7% to 77. But, taken on their own, smaller institutions do better with customers, scoring 79. Larger banks, with collected most of the $30 billion in overdraft fees charged in 2011, are losing more customers to more petite rivals and credit unions.
November 19, 2012 |
Big banks are giving billions of dollars to distressed California homeowners through a landmark mortgage settlement - but mostly to get people out of their homes rather than help them stay. Short sales, which allow underwater borrowers to sell their homes for less than they owe, have become the dominant type of relief offered in California by the big banks, according to a report on the settlement expected to be made public Monday. Under the settlement, banks were required to give homeowners aid in the form of principal reduction, short sales and other modifications.
November 2, 2012 |
Bank of America and Merrill Lynch card holders this weekend receive free admission to the Discovery Science Center in Santa Ana, the Autry National Center in Griffith Park, the Hammer Museum in West L.A. and other venues in Southern California and across the country. Just show the card and you receive a cultural freebie. The deal: Museums on Us is a year-long program for cardholders that offers free admission to selected museums on the first full weekend of each month.
October 18, 2012 |
WASHINGTON - Democratic convention organizers broke their pledge to put on their quadrennial gathering in Charlotte, N.C., this year without corporate donations, using $5 million from a committee financed by companies such as Bank of America, Duke Energy and AT&T to rent the Time Warner Arena for the three-day event. The payments, revealed in reports filed Wednesday evening with the Federal Election Commission, came after party officials said they would produce the convention without corporate money, a self-imposed ban set by the Democratic National Committee.
September 29, 2012 |
Clearing one major thorn from its thicket of legal problems, Bank of America Corp. agreed to spend $2.4 billion to settle an investor lawsuit accusing it of understating the financial decay at Merrill Lynch & Co. when it acquired the giant investment house during the financial crisis. "Our primary focus is on the future," Chief Executive Brian Moynihan said in a statement Friday, admitting no wrongdoing and explaining that the giant Charlotte, N.C., bank just wanted to end the costs and uncertainties of the class-action suit.
September 28, 2012 |
Bank of America has agreed to pay $2.43 billion to settle a class-action lawsuit filed in 2009 by investors following its acquisition of Merrill Lynch. The settlement, announced Friday, still requires court approval. In addition to the payout, Bank of America agreed to institute new corporate governance policies, the bank said in a statement. The bank said it denied the suit's allegations, which included that executives made misleading statements about both firms' financial health.
September 20, 2012 |
By the end of the year, Bank of America Corp. hopes to get rid of 16,000 jobs, close 200 branches and shrink its mortgage operation, according to a document sent to top management. The institution is accelerating its cost-cutting strategy, planning to pare its operations so much that it will lose its spot as the nation's largest bank employer. The company will fall behind the likes of JPMorgan Chase & Co., Wells Fargo & Co. and Citigroup Inc. The proposed cuts would bring Bank of America's workforce down to 260,000 by year-end, according to the document, which was summarized for the Wall Street Journal.
September 20, 2012 |
By the end of the year, Bank of America Corp. hopes to get rid of 16,000 jobs, close 200 branches and shrink its mortgage operation, according to a document sent to top management. The institution is accelerating its cost-cutting strategy, planning to pare its operations so much that it will lose its spot as the nation's largest bank employer, falling behind the likes of JP Morgan Chase, Wells Fargo and Citigroup. The proposed slashes would bring Bank of America's workforce down to 260,000 by year-end, according to the document, which was summarized for the Wall Street Journal . Chief Executive Brian Moynihan, in his attempts to make the company more focused and profitable after its disastrous 2008 takeover of mortgage giant Countrywide Financial Corp., is aiming to trim the employee count by 30,000 to save some $5 billion in its first round of cuts.
CALIFORNIA | LOCAL
September 5, 2012 |
A bank manager said she was leaving her Huntington Park home for work Wednesday morning when two masked men snatched her in her garage. They strapped what they told her was an explosive device to her chest and instructed her to drive to her bank and give them money. Authorities said the manager complied, taking a bag filled with cash to the back of the bank, where the robbers grabbed it and sped away in a car. In an area known for some bizarre bank robberies, what happened at the East L.A. Bank of America branch is quickly taking on a mythology of its own. The robbers avoided being seen on bank video cameras and as of Wednesday evening were still at large with what officials said was a large sum of money.