April 5, 2013 |
Can the ultimate too-big-to-fail bank persuade customers that it is humble? A new Bank of America Corp. ad campaign is taking on that task, with the tag line "Life's Better When We're Connected" replacing “Bank of Opportunity.” “We need to focus on customer needs first and we know our place,” Meredith Verdone, BofA's head of brand marketing, told Ad Age, which reported Friday that the campaign would roll out during the NCAA basketball...
October 16, 2013 |
NEW YORK -- Bank of America Corp.'s profit surged to $2.5 billion in the third quarter as it continued its years-long downsizing and grappled with declining mortgage income. BofA said it earned $2.5 billion, or 20 cents a share, in the third quarter, up from $340 million, or zero cents, a year earlier. The North Carolina-based financial giant's shares rose 2% in early trading Wednesday as financial stocks rallied on optimism for a debt-limit deal. BofA gained 29 cents to $14.53 shortly after the opening bell on Wall Street.
February 1, 2013 |
Bank of America Corp. scrambled to restore service Friday to its enormous customer base -- 40 million households -- which spent most of the day without access to online, mobile and telephone banking services. A prominent consultant called the outage "inexcusable. " In tweets Friday, the bank said the outage stemmed from technical issues. That raised the question how such a massive outage could occur at BofA, the second-largest U.S. bank. The outage follows efforts by Chief Executive Brian Moynihan to overhaul bank operations to better cater to costumers' needs.
July 17, 2013 |
NEW YORK -- Bank of America Corp.'s profit jumped 63% in the second quarter as the financial giant continued to cut costs and struggled to clean up its troubled mortgage business. The Charlotte, N.C.-based bank said it earned $4 billion, or 32 cents a share, in net income in the second quarter, up from $2.5 billion, or 19 cents, in the same period a year ago. Revenue increased 3.5% to $22.7 billion. The results beat analysts' expectations of per-share earnings of 25 cents, according to data compiled by Thomson Reuters.
November 16, 2010 |
A quick settlement of the 50-state probe of the U.S. mortgage foreclosure crisis would be the best solution for all involved, the chief executive of Bank of America Corp. said Tuesday. The call for a settlement by Bank of America CEO Brian Moynihan was followed by a report from CNBC that Iowa Atty. Gen. Tom Miller, who is leading the 50-state probe, was getting close to a settlement with Bank of America ? the largest U.S. mortgage servicer ? JPMorgan Chase & Co. and Wells Fargo & Co. Under the proposed settlement, the banks would pay into a fund for foreclosed borrowers, CNBC reported.
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.
January 7, 2013 |
WASHINGTON -- Bank of America Corp. said Monday it had agreed to pay more than $10 billion to Fannie Mae to settle claims related to troubled mortgages sold largely by Countrywide Financial Corp. during the subprime housing boom. BofA, which acquired Calabasas-based Countrywide in 2008, said it agreed to buy back $6.75 billion in residential mortgage loans sold to Fannie Mae and pay the housing finance giant an additional $3.6 billion in cash. The mortgages were sold to Fannie Mae from 2000 through 2008.
June 12, 2013 |
Having slashed away much of its troubled mortgage business, Bank of America Corp. is now growing the what remains, the company's chief financial officer says. CFO Bruce Thompson told analysts that Bank of America, once the nation's largest mortgage lender but now with just 4% of the market, is "getting what we believe is our fair share back. " "We ... expect to be in the 5% area as we exit the second quarter and we look to continue to grow from that," Thompson said Tuesday at a conference sponsored by Morgan Stanley at the Waldorf Astoria in New York.
May 1, 2012 |
Bank of America, which has been working to downsize its consumer operations by 30,000 employees, now is targeting highly compensated investment bankers and non-U.S. wealth managers -- efforts expected to reduce the job rolls at the bank by 2,000 people. The cuts, first reported in the Wall Street Journal on Tuesday, also will cost some commercial bankers their jobs at BofA, the second-largest U.S. bank as measured by assets. The actions include the planned sale of a division handling wealth management in Europe, Latin America and Asia, according to a person briefed on the plans who was not authorized to speak publicly about the matter and requested anonymity.
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.