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Brian Moynihan

BUSINESS
September 1, 2011 | By E. Scott Reckard, Los Angeles Times
Bank of America Corp. plans to jettison another piece of the troubled Countrywide mortgage empire — a lending arm that buys home loans from smaller institutions to then package into mortgage-backed securities on Wall Street. The beleaguered banking giant has shopped the business around and is in serious talks with one potential acquirer, according to spokesman Dan Frahm. If it can't strike a deal, Bank of America would shut down the business, jeopardizing 1,400 jobs, including 700 in Westlake Village and Thousand Oaks.
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BUSINESS
October 16, 2013 | By Andrew Tangel
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.
BUSINESS
November 16, 2010 | Reuters
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.
BUSINESS
February 1, 2013 | By E. Scott Reckard
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.
BUSINESS
July 17, 2013 | By Andrew Tangel
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.
BUSINESS
January 21, 2011 | Reuters
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.
BUSINESS
July 18, 2012 | By E. Scott Reckard
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.
BUSINESS
January 7, 2013 | By Jim Puzzanghera
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.
BUSINESS
May 2, 2012 | By E. Scott Reckard, Los Angeles Times
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.
BUSINESS
April 6, 2012 | By Tiffany Hsu
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)
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