April 17, 2013 |
Bank of America Corp. quadrupled its first-quarter profit, reducing expenses and loan losses and reporting better brokerage and investment banking results, but continued to be bogged down by its mortgage operations, disappointing investors. Trying to regain forward momentum after two years of downsizing, the nation's second-largest bank said Wednesday its revenue fell 8% from last year to $23.9 billion. That was better than the $23.4 billion Wall Street had expected, in contrast with rival megabanks Wells Fargo & Co. and JPMorgan & Co., which missed analysts' estimates for revenue when they reported results last week.
November 1, 2011 |
Bowing to a national flood of protests, Bank of America Corp. is calling off its plan to charge customers $5 a month for using its debit cards to make purchases -- a strategy that proved a public relations disaster for what once was America's biggest bank. Analysts had believed the rest of the banking industry would follow BofA in imposing similar fees to make up for new rules restricting the fees banks charge merchants for accepting debit cards. But instead, the Charlotte, N.C., banking giant finds itself following the lead of a host of rivals who decided last week not to incur the wrath of the American public with debit-card fees.
March 23, 2011 |
Bank of America Corp. revealed Wednesday that the Federal Reserve rejected its plan for a modest dividend increase in the second half of the year, even as other large banks are raising dividends in the first half of the year. The bank, based in Charlotte, said in a securities filing that it would continue to work with the Fed and planned to submit a revised capital plan that would again call for a modest increase in the quarterly dividend, now at 1 cent a share. A spokesman said BofA would resubmit its proposal in "the coming months.
August 11, 2009 |
Bank of America Corp.'s deal to pay $33 million to settle accusations that it misled shareholders about executive bonuses hit a roadblock Monday -- U.S. District Judge Jed Rakoff. The bank agreed last week to pay the money to settle a Securities and Exchange Commission lawsuit alleging that it led shareholders to believe that Merrill Lynch & Co. would not pay year-end bonuses. In fact, the bank had already approved $5.8 billion in bonuses at Merrill, which it was in the process of acquiring at the time.
March 23, 2012
Bank of America says it has begun a pilot program offering some of its mortgage customers who are facing foreclosure a chance to stay in their homes by becoming renters instead of owners. The "Mortgage to Lease" program, which was launched this week, will be available to fewer than 1,000 BofA customers selected by the bank in test markets in Arizona, Nevada and New York. Participants will transfer their home's title to the bank, which will then forgive the outstanding mortgage debt.
August 29, 2012 |
Pressured by consumer advocates and Congress, most of the nation's big banks are now providing consumers a one-page form listing basic terms and conditions for checking accounts, with Bank of America Corp. the latest to join the trend. Last December, JPMorgan Chase & Co. became the first major bank to adopt a plain-language form proposed by an arm of the Pew Charitable Trusts. Citibank did the same in July, simplifying its presentation about such factors as fees for ATMs, overdrafts and account closings.