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 2, 2013 |
Well, that was a pretty pointless expenditure of tax money. Even some potential jurors said so. The 12 people who did wind up on a San Diego jury deliberated for five hours before they acquitted a man who chalked anti-bank messages on sidewalks in front of the banks. I hope deliberations lasted all of five hours because they were getting a free lunch. Jeff Olson was on trial on 13 misdemeanor counts of vandalism, which could have brought, at the absurd and unlikely extreme, 13 separate one-year jail sentences for the 13 occasions Olson chalked the sidewalk with messages such as “No Thanks, Big Banks” and “Shame on Bank of America.” Once or twice, he drew a tentacle octopus grabbing dollar bills.
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...
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 4, 2011 |
Bank of America Corp appointed on Friday a new foreclosure and loan modifications czar, and created a new unit to oversee problem home loans in a bid to sort out its ongoing foreclosure issues, becoming the first large U.S. bank to do so. The new unit creates a seventh major division at the bank reporting directly to Chief Executive Brian Moynihan, an indication that the largest U.S. mortgage servicer is attempting to be more aggressive in resolving...
January 21, 2011 |
Bank of America Corp., the largest U.S. bank, reported weaker-than-expected revenue and a second straight quarterly loss after its limping mortgage business triggered write-downs and legal settlements. Bank of America's Merrill Lynch businesses ? including retail brokerage and investment banking ? were profitable but did not make enough money to overcome the bank's massive losses from mortgages. The bank reported a fourth-quarter loss of $1.57 billion, or 16 cents a share, compared with a loss of $5.2 billion, or 60 cents, a year earlier.
July 18, 2012 |
Bank of America Corp. downsized its way to a profitable second quarter, shedding high-risk loans and cutting costs in reporting earnings of $2.5 billion -- 19 cents a share, beating Wall Street expectations of 16 cents. Revenue shrank even more than analysts had expected, the giant Charlotte, N.C., bank reported Wednesday , coming in at $22 billion versus Wall Street's projection of $22.8 billion. BofA said it had paid down its long-term debt by $53 billion during the quarter, while loans on the company's books declined by 5%, compared to second-quarter increases in loan totals at megabank rivals JPMorgan Chase & Co.,Citigroup Inc. and Wells Fargo & Co. A year ago, BofA took a deep breath and threw $8.5 billion at the tsunami of legal claims stemming from its 2008 acquisition of Countrywide Financial Corp., the hyper-aggressive mortgage lender in Calabasas.
CALIFORNIA | LOCAL
February 12, 2013 |
OAKLAND -- It was billed as a housing forum, but it turned into the Jerry Brown show. The governor was here Tuesday with Bank of America Chief Executive Brian Moynihan to discuss the future of housing in California at a forum put on by the Haas School of Business at UC Berkeley. However, in typical Brown fashion, he used the opportunity to wax philosophical on climate change, the virtues of marriage, the hollowing out of the middle class, healthcare and variety of other subjects.
April 6, 2012 |
Compensation for chief executives at AIG, Ally Financial and GM -- all of which received exceptional TARP assistance during the financial meltdown -- is being frozen at last year's levels, the Treasury Department said. The ruling from Patricia Geoghegan, acting special master for executive compensation under the Troubled Asset Relief Program, also notes that the government has recovered 75% of the funds it invested in American International Group Inc. General Motors Co. has reduced its obligations by nearly half, while Ally Financial Inc. (formerly GMAC)