October 18, 2011 |
Bank of America Corp. lost its title as the nation's biggest bank, and the mission for its beleaguered chief executive now is to convince Wall Street that it's better off for it. Brian Moynihan is tasked with turning around the company's struggling consumer empire just as rival JPMorgan Chase & Co. surpassed BofA's $2.2 trillion in assets. It marks the end of an era for a bank known for a near-obsessive zeal for acquisitions and growth, and the start of a new chapter in which the bank hopes to slim down to raise profitability.
March 14, 2013 |
And the winner of this year's banker bonanza award is ... John G. Stumpf, chief executive of San Francisco's Wells Fargo & Co., with a 2012 compensation package totaling $22.87 million. Stumpf's pay package, disclosed Thursday afternoon, was 15% higher than in 2011. Wells said the increase was merited because of the bank's strong showing in 2012. It earned $18.9 billion, up 19% from 2011, during a year in which big banks collectively turned in near-record profits. The runner-up was $21 million, a 75% increase, for Lloyd C. Blankfein, CEO of New York's Goldman Sachs Group, whose pay has been notably lofty over the years.
March 28, 2013 |
Bank of America Corp., which handles customer service on about 15% of U.S. home loans, has accounted for 30% of the mortgage complaints logged by the Consumer Financial Protection Bureau, according to a new database made public by the federal watchdog. The level of customer discontent - far greater than at home-lending rivals Wells Fargo & Co. and JPMorgan Chase & Co. - reflects BofA's struggles since its 2008 acquisition of Countrywide Financial Corp. in Calabasas. Countrywide had become the No. 1 mortgage firm by specializing in subprime and other high-risk loans.
August 28, 2013 |
In the annals of image problems, the banking industry ranks right up there .... er, down there ... in the company of Congress, with a high-profile survey ranking Bank of America Corp. at the bottom of the heap. Five years after the financial crisis, the Reputation Institute survey said banking has a worse reputation than Big Pharma, news outlets, oil companies and telecommunications firms -- though not so bad as Congress. The most highly regarded industries were transport, consumer products, industrial products, food manufacturing and computers.
April 5, 2012 |
This is what passes for hard times in the executive suites of Wall Street - the compensation of Morgan Stanley's top executive fell to $13 million. The 2011 pay package of James Gorman, chief executive of the New York investment bank, decreased almost 15% from the $15.2 million he hauled in the previous year, according to a filing with the Securities and Exchange Commission on Thursday. His compensation included $800,000 in salary, a $2.7 million bonus, $5.9 million in stock awards and $3.5 million in stock options.
August 25, 2011
CHARLOTTE, North Carolina (AP) — Warren Buffett's Berkshire Hathaway is investing $5 billion in Bank of America, sending its shares soaring by 24 percent. Buffett said Thursday he had called Moynihan to ask about investing because he considered Bank of America to be a strong company with good leadership. The bank has struggled under the weight of toxic mortgages from its 2008 purchase of Countrywide Financial Corp. In recent weeks, CEO Brian Moynihan has insisted the bank doesn't need to raise capital.
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.
February 16, 2010 |
Even as the financial industry has sought to keep a low public profile, some of the country's largest banks have ramped up their spending on lobbying to fight off some of the stiffest regulatory proposals pending in Congress. Lobbying expenditures jumped 12% from 2008 to $29.8 million last year among the eight banks and private equity firms that spent the most to influence legislation, according to data compiled from disclosure forms filed with Congress. The biggest spender was JPMorgan Chase & Co., whose lobbying budget rose 12% to $6.2 million, enough for the firm to have more than 30 lobbyists working for it. Among other banks, spending on lobbying rose 27% at Wells Fargo & Co. and 16% at Morgan Stanley.
March 8, 2005 |
Bank of America Corp. on Monday named Timothy Maloney president and chief executive of its brokerage business and Jane Farley Magpiong president of its private bank. Maloney, 50, takes over March 21 and replaces Michael Santo, 49. Magpiong assumes her duties immediately. Bank of America expanded its Boston-based brokerage and private bank divisions when it bought FleetBoston Financial Corp. last year. The company's private bank is the sixth-largest in the U.S.
August 25, 2011 |
The Bank of America Corp. roller coaster has reversed course again, with its stock rising 11% and a host of analysts saying capital fears are overblown. The shares, which fell to a 21/2-year low of $6.30 on Tuesday, jumped as high as $7.05 on Wednesday before backing off a bit. They closed up 69 cents, or 11%, at $6.99. Hammered by short sellers, who make money when stocks go down, Bank of America's stock took its latest blow this week when a blog post said the bank might need $100 billion to $200 billion in new capital.