July 11, 2008
The precipitous decline in the housing market handed Countrywide Financial to Bank of America on a platter, allowing the latter to buy more than $200 billion worth of Countrywide assets for $2.5 billion in stock. Still, skeptical investors have pummeled the bank's shares since the deal was announced in January, driving it down 43%. The bank's situation is a microcosm of the entire industry, which is struggling to keep mortgages from going bad.
October 17, 2012 |
Bank of America Corp. eked out a $340-million profit for the third quarter after earmarking another $1.6 billion for legal costs, but revenue fell by 28%. The Charlotte, N.C., bank, sent reeling by its 2008 acquisition of Calabasas mortgage lender Countrywide Financial Corp., said the latest charges were for settling lawsuits stemming from its other big takeover target that year: Merrill Lynch & Co. Former BofA Chief Executive Ken Lewis engineered...
April 29, 2009 |
California's biggest pension fund turned up the heat on Bank of America Corp.'s board Tuesday, saying it would vote its 22.7 million shares against all 18 directors at today's annual meeting. The California Public Employees' Retirement System joined with other activist shareholders irritated by the company's failure to tell shareholders about the financial woes of Merrill Lynch & Co. before the bank bought the brokerage last year.
March 13, 2009 |
Bank of America Corp. shares rose Thursday for a fourth consecutive day after Chief Executive Ken Lewis said he expected the company to earn "close to $50 billion" this year, before taxes and new provisions for loan losses. "That kind of cash flow can solve a lot of problems, given time and an improving U.S. economy," Lewis said in a speech in Boston. Of course, future loan losses are the wild card.
March 28, 2009 |
Top executives of the nation's biggest banks said Friday after meeting with President Obama that they would work with the administration on its economic recovery plans but want more specifics from the White House. Bankers said an administration proposal to jump-start lending, a problem at the heart of the industry's crisis, was encouraging. "People are looking at that. It's positive," Morgan Stanley's John Mack told the Associated Press in an interview.
June 12, 2013 |
Having slashed away much of its troubled mortgage business, Bank of America Corp. is now growing the what remains, the company's chief financial officer says. CFO Bruce Thompson told analysts that Bank of America, once the nation's largest mortgage lender but now with just 4% of the market, is "getting what we believe is our fair share back. " "We ... expect to be in the 5% area as we exit the second quarter and we look to continue to grow from that," Thompson said Tuesday at a conference sponsored by Morgan Stanley at the Waldorf Astoria in New York.
February 14, 2009 |
Bank of America Corp. Chief Financial Officer Joe Price assured employees Friday that the company had enough cash to finance operations for more than two years. "Market turmoil has created lingering industrywide concerns that magnify the importance of maintaining an extra level of capital to support business activities," Price said in a question-and-answer dialogue posted on the company's internal website.
February 7, 2009 |
Bank of America Corp. Chief Executive Ken Lewis capped off a week of defending his bank and his role in it on Friday by firing back against rumors that his company could be in danger of nationalization. "It's absurd," Lewis said in an interview on CNBC, adding that he knew of no government officials who had talked about nationalizing the bank. Treasury Secretary Timothy Geithner and other top officials are close to finishing a plan to overhaul the government's $700-billion financial rescue fund.
April 8, 2013 |
WASHINGTON -- The Senate on Monday confirmed Mary Jo White to chair the Securities and Exchange Commission, placing a tough former prosecutor in the role as Wall Street's top watchdog. White was confirmed by a unanimous voice vote in the Senate, an indication of broad bipartisan support. The Senate Banking Committee voted 22-1 to approve her nomination last month, with the only no vote coming from Sen. Sherrod Brown (D-Ohio). Brown has been critical of federal officials in general for not being tougher on Wall Street.
CALIFORNIA | LOCAL
April 27, 2004 |
An innovative program that seeks to reduce violence among maximum-security inmates is being severely tested at the state prison in Lancaster, where a population squeeze is forcing officials to house dangerous criminals with others who have vowed to remain peaceful. Since 2000, Lancaster's honor yard program has created a special housing area for prisoners who have promised to stay away from gangs, drugs and violence.