August 25, 2011 |
The Bank of America Corp. roller coaster has reversed course again, with its stock rising 11% and a host of analysts saying capital fears are overblown. The shares, which fell to a 21/2-year low of $6.30 on Tuesday, jumped as high as $7.05 on Wednesday before backing off a bit. They closed up 69 cents, or 11%, at $6.99. Hammered by short sellers, who make money when stocks go down, Bank of America's stock took its latest blow this week when a blog post said the bank might need $100 billion to $200 billion in new capital.
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.
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.
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.
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.
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...
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 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)
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.
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.