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Ken Lewis

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BUSINESS
October 3, 2009 | E. Scott Reckard
Bank of America Corp. owes Kenneth D. Lewis, who is quitting as its chief executive at year's end, $68.8 million on his way out the door. Lewis accumulated that amount in his 40 years of work at Bank of America and predecessor companies. Topping the list of assets is a lump-sum pension benefit that was valued at $53.2 million in the bank's last public report on his holdings. That report, in a proxy filing this year, also said Lewis, 62, had $10.6 million in deferred compensation coming his way. And he will keep 305,000 shares of restricted stock that will vest over the next few years, which, at today's stock price of $16.34, is worth about $5 million.
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BUSINESS
April 16, 2014 | By E. Scott Reckard
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.
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BUSINESS
August 20, 2010 | Bloomberg News
Bank of America Corp.'s former chief executive, Kenneth D. Lewis, asked a judge to throw out the New York attorney general's lawsuit accusing him of fraud when he led the bank's purchase of Merrill Lynch & Co. The allegations by Atty. Gen. Andrew Cuomo are implausible, Lewis' lawyers said in documents filed Wednesday with the state Supreme Court in Manhattan. The Merrill Lynch acquisition, they said in the answer to Cuomo's complaint, has proved to be of "major financial benefit to shareholders.
BUSINESS
March 26, 2014 | By E. Scott Reckard and Walter Hamilton
Putting to rest one of its biggest remaining headaches, Bank of America Corp. has agreed to pay $9.5 billion to settle claims by Fannie Mae and Freddie Mac. The government-sponsored mortgage finance giants had demanded compensation from the Charlotte, N.C., bank for losses on securities backed by faulty loans issued during the housing boom. The bank said the settlement, announced Wednesday, resolves all claims against BofA by the Federal Housing Finance Agency, the agency that regulates Fannie and Freddie.
BUSINESS
February 5, 2010 | By Nathaniel Popper
Former Bank of America Chief Executive Ken Lewis now holds the inglorious distinction of being the first top figure from a major bank to be sued by the government over the financial industry's debacle of the last 18 months. The New York attorney general's office Thursday accused Lewis, the bank and another former top official of fraud in connection with Bank of America Corp.'s acquisition of investment bank Merrill Lynch & Co. at the height of the financial crisis. Bank of America and its top executives misled the government and its shareholders about the size of Merrill Lynch's losses, according to the civil lawsuit filed in New York state court.
BUSINESS
March 26, 2014 | By E. Scott Reckard and Walter Hamilton
Putting to rest one of its biggest remaining headaches, Bank of America Corp. has agreed to pay $9.5 billion to settle claims by Fannie Mae and Freddie Mac. The government-sponsored mortgage finance giants had demanded compensation from the Charlotte, N.C., bank for losses on securities backed by faulty loans issued during the housing boom. The bank said the settlement, announced Wednesday, resolves all claims against BofA by the Federal Housing Finance Agency, the agency that regulates Fannie and Freddie.
BUSINESS
May 1, 2012 | By E. Scott Reckard
Bank of America, 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
March 3, 2004 | From Associated Press
The chief executive of Bank of America has dropped his employment contract because he wanted his pay to be based on performance, the bank said in a regulatory filing. The company's board agreed to terminate the contract at the request of Ken Lewis, who is also chairman, spokeswoman Eloise Hale said. The board's compensation committee will determine Lewis' pay based on customer, employee and shareholder satisfaction, she said. In 2002, Lewis made a base salary of $1.5 million and a bonus of $5.
BUSINESS
April 16, 2014 | By E. Scott Reckard
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.
BUSINESS
September 29, 2012 | By E. Scott Reckard, Los Angeles Times
Clearing one major thorn from its thicket of legal problems, Bank of America Corp. agreed to spend $2.4 billion to settle an investor lawsuit accusing it of understating the financial decay at Merrill Lynch & Co. when it acquired the giant investment house during the financial crisis. "Our primary focus is on the future," Chief Executive Brian Moynihan said in a statement Friday, admitting no wrongdoing and explaining that the giant Charlotte, N.C., bank just wanted to end the costs and uncertainties of the class-action suit.
BUSINESS
August 30, 2013 | By E. Scott Reckard
The state of California and the Bank of America have a lot in common, says BofA Chief Executive Brian Moynihan. Both were all but written off by critics as the economy tanked. Both endured painful budget cuts and remain hampered by unemployment and housing issues. And yet each is now well positioned as the economy recovers, according to Moynihan, who spoke to The Times during a recent round of visits with California business owners and venture capitalists. Despite lingering image problems, BofA is gaining traction, Moynihan says, thanks to what he calls "addition by subtraction.
BUSINESS
September 29, 2012 | By E. Scott Reckard, Los Angeles Times
Clearing one major thorn from its thicket of legal problems, Bank of America Corp. agreed to spend $2.4 billion to settle an investor lawsuit accusing it of understating the financial decay at Merrill Lynch & Co. when it acquired the giant investment house during the financial crisis. "Our primary focus is on the future," Chief Executive Brian Moynihan said in a statement Friday, admitting no wrongdoing and explaining that the giant Charlotte, N.C., bank just wanted to end the costs and uncertainties of the class-action suit.
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
August 20, 2010 | Bloomberg News
Bank of America Corp.'s former chief executive, Kenneth D. Lewis, asked a judge to throw out the New York attorney general's lawsuit accusing him of fraud when he led the bank's purchase of Merrill Lynch & Co. The allegations by Atty. Gen. Andrew Cuomo are implausible, Lewis' lawyers said in documents filed Wednesday with the state Supreme Court in Manhattan. The Merrill Lynch acquisition, they said in the answer to Cuomo's complaint, has proved to be of "major financial benefit to shareholders.
BUSINESS
February 5, 2010 | By Nathaniel Popper
Former Bank of America Chief Executive Ken Lewis now holds the inglorious distinction of being the first top figure from a major bank to be sued by the government over the financial industry's debacle of the last 18 months. The New York attorney general's office Thursday accused Lewis, the bank and another former top official of fraud in connection with Bank of America Corp.'s acquisition of investment bank Merrill Lynch & Co. at the height of the financial crisis. Bank of America and its top executives misled the government and its shareholders about the size of Merrill Lynch's losses, according to the civil lawsuit filed in New York state court.
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