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.
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 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.
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.
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)
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.
April 16, 2014 |
Socked by mortgage-related legal expenses, Bank of America Corp. lost $276 million during the first quarter, sending its stock down sharply. The quarterly loss, its first in 2½ years, came despite lower loan losses and better than expected results in fixed-income trading, a slowing business that hurt rival JPMorgan Chase & Co. during the quarter. The results included $6 billion in litigation expense, much of it related to toxic bonds backed by housing-boom mortgages from Countrywide Financial Corp., the aggressive Calabasas lender that nearly collapsed before being acquired by Bank of America in 2008.
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.