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.
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.
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 2, 2012 |
Bank of America Corp., 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.
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.