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Brian Moynihan

BUSINESS
January 3, 2012 | By E. Scott Reckard, Los Angeles Times
Bank of America Corp., under pressure to raise capital and cut risks, is severing lines of credit to some small-business owners who have used them to stay afloat. The Charlotte, N.C., bank is demanding that these customers pay off their credit line balances all at once instead of making monthly payments. If they can't pay in full, they are being offered new repayment plans for as long as five years, but with far higher interest rates than their original credit lines had. Business owners complain that BofA's credit squeeze is abrupt and could strain their small companies and even put them out of business.
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BUSINESS
October 18, 2011 | By E. Scott Reckard, Los Angeles Times
Bank of America Corp. lost its title as the nation's biggest bank, and the mission for its beleaguered chief executive now is to convince Wall Street that it's better off for it. Brian Moynihan is tasked with turning around the company's struggling consumer empire just as rival JPMorgan Chase & Co. surpassed BofA's $2.2 trillion in assets. It marks the end of an era for a bank known for a near-obsessive zeal for acquisitions and growth, and the start of a new chapter in which the bank hopes to slim down to raise profitability.
BUSINESS
September 13, 2011 | E. Scott Reckard, Los Angeles Times
Bank of America Corp. is telling investors that the first stage of its cost-cutting plan would save $5 billion a year and eliminate 30,000 jobs, with more reductions to come in a second phase of streamlining. But as Chief Executive Brian Moynihan fielded questions at a conference Monday, some investors were wondering whether more drastic actions might be in order. One asked about the possibility of a bankruptcy filing for Countrywide Financial Corp., the high-risk home lender whose acquisition has gravely wounded the Charlotte, N.C., bank.
BUSINESS
September 10, 2011 | By Walter Hamilton and E. Scott Reckard, Los Angeles Times
Bank of America Corp. is preparing to slash 40,000 or more jobs nationwide, a dramatic retrenchment that reflects the deepening woes of the country's largest bank and the magnitude of the U.S. economic slowdown. The layoffs will come mainly from the BofA's sprawling consumer-banking operations, which will take a heavy toll on branches, loan centers and other offices throughout California. Bank of America has 45,000 employees in the state, about 1 in 6 of its nearly 300,000-person workforce, and is expected to roll out the job cuts over the next several years.
BUSINESS
September 7, 2011 | By E. Scott Reckard, Los Angeles Times
Bank of America Corp. Chief Executive Brian Moynihan shuffled his management team, ousting two top executives as the embattled banking giant faces a plummeting stock price and mounting legal woes. Moynihan on Tuesday announced the departure of Sallie Krawcheck, the bank's head of global wealth and investment management, and Joe Price, president of consumer and small-business banking. Both were top lieutenants to former CEO Kenneth Lewis, who resigned in October 2009. Krawcheck, one of the most powerful women on Wall Street and a former top executive at Sanford C. Bernstein & Co. and Citigroup Inc., was hired by Lewis in 2009, toward the end of his tenure at Bank of America.
BUSINESS
August 25, 2011 | By E. Scott Reckard, Los Angeles Times
Warren Buffett is known on Wall Street for his Midas touch, and nobody is more thankful for that these days than Bank of America Corp. Berkshire Hathaway Inc., Buffett's investment company, agreed Thursday to sink $5 billion into the beleaguered financial giant. The deal helped allay fears that America's biggest bank needs a fresh infusion of capital to withstand mortgage losses and another downturn in the economy. The investment casts the Oracle of Omaha in a familiar and favorable light, tossing a lifeline to an American icon in need.
BUSINESS
July 23, 2011 | By E. Scott Reckard, Los Angeles Times
Bank of America Corp.'s chief executive is out to convince Wall Street that he's finally bringing under control the financial disaster caused by the bank's acquisition of mortgage goliath Countrywide Financial Corp. Brian Moynihan, who took the helm at the nation's biggest bank in late 2009, has had the unrelenting task of cleaning up an institution in such financial disrepair that the bank needed $45 billion in federal bailouts to stay in business. The Charlotte, N.C., bank posted an $8.8-billion second-quarter loss Tuesday as it continued to deal with the aftermath of the housing bust.
BUSINESS
February 23, 2010 | By Nathaniel Popper
Since Brian Moynihan took over as chief executive at Bank of America Corp. at the turn of the year, he has sought to convey a flexible and cooperative attitude. But the accommodating approach hasn't been extended to shareholders seeking to put proposals regarding executive pay on the ballot at the company's April 28 annual meeting. The bank is "being aggressive in doing whatever they can do to keep shareholders off the ballot," said John Chevedden of Redondo Beach, a retired aerospace worker who has proposed a number of shareholder resolutions at banks.
BUSINESS
February 23, 2010 | By Nathaniel Popper
A federal judge reluctantly approved a settlement between Bank of America and the Securities and Exchange Commission, ending one of the highest-profile legal cases to come out of the financial crisis. The SEC last year sued Bank of America, accusing it of lying to shareholders in late 2008 to speed the purchase of Merrill Lynch. Under the settlement, Bank of America will distribute $150 million to some of its shareholders and make several internal reforms. U.S. District Judge Jed Rakoff, who last year rejected a $33-million settlement of the case, criticized the new accord as "inadequate and misguided" and dismissed the higher dollar figure as "paltry."
BUSINESS
February 9, 2010 | By Nathaniel Popper
A federal judge who rejected the government's first bid to settle civil charges against Bank of America Corp. showed little enthusiasm Monday for a new proposed settlement. U.S. District Judge Jed Rakoff sharply questioned the merits of the latest proposal, which calls for the company to pay $150 million to resolve allegations that it lied to shareholders at the height of the financial crisis about its pending acquisition of brokerage Merrill Lynch. Last fall, Rakoff threw out an initial, $33-million settlement between the company and the Securities and Exchange Commission, calling it a "contrivance designed to provide the SEC with the facade of enforcement."
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