Today, Congress may finally be closing in on an answer to one of the great open questions from the Crash of 2008: Why did Bank of America management not tell its shareholders about the mounting fourth-quarter losses at Merrill Lynch a few weeks before shareholders voted to approve BofA's $50 billion acquisition of Merrill on December 5, 2008? Some members of the House Committee on Oversight and Government Reform think they finally have found their smoking gun in a series of previously unseen documents that recount BofA's deliberations on whether to tell shareholders about the Merrill losses. The documents are said to include the advice BofA management received from its law firm, Wachtell Lipton, on the issue. Additional, fireworks may come from Tim Mayopoulos and Brian Moynihan -- former and current BofA executives, respectively -- who are expected to testify before Congress today.
Bank of America proved no match for the ongoing recession as the nation's biggest bank reported a steep loss Friday.
In the past, Bank of America Chief Executive Officer Ken Lewis has received an annual salary of $1.5 million. But this year he will get nothing.
U.S. stocks were expected to open lower Friday after General Electric posted lower-than-expected revenue and Bank of America reported a worse-than-expected loss.
Bank of America Corp. has agreed to share previously undisclosed information related to its purchase of Merrill Lynch with regulators investigating whether the company misled shareholders, the Securities and Exchange Commission said Tuesday.
A year after the government applied a tourniquet to the banking industry, the bleeding has slowed -- but it hasn't stopped.
A government watchdog says federal officials weren't entirely honest with the public about the health of the first 9 financial firms that got federal bailouts, according to a report released Monday.
The exit of Bank of America chief executive officer Ken Lewis may silence some of his staunchest critics, but his departure is raising more questions than answers about the fate of the nation's largest bank.
Bank of America and JPMorgan Chase said Monday they will reduce overdraft fees and overhaul checking account options, amid a burgeoning backlash over banks' policies on overspending.
Bank of America said Monday it will pay the U.S. government $425 million to end a federal backstop of assets related to its purchase of troubled brokerage Merrill Lynch earlier this year.
Today, Congress may finally be closing in on an answer to one of the great open questions from the Crash of 2008: Why did Bank of America management not tell its shareholders about the mounting fourth-quarter losses at Merrill Lynch a few weeks before shareholders voted to approve BofA's $50 billion acquisition of Merrill on December 5, 2008? Some members of the House Committee on Oversight and Government Reform think they finally have found their smoking gun in a series of previously unseen documents that recount BofA's deliberations on whether to tell shareholders about the Merrill losses. The documents are said to include the advice BofA management received from its law firm, Wachtell Lipton, on the issue. Additional, fireworks may come from Tim Mayopoulos and Brian Moynihan -- former and current BofA executives, respectively -- who are expected to testify before Congress today.
Bank of America proved no match for the ongoing recession as the nation's biggest bank reported a steep loss Friday.
In the past, Bank of America Chief Executive Officer Ken Lewis has received an annual salary of $1.5 million. But this year he will get nothing.
U.S. stocks were expected to open lower Friday after General Electric posted lower-than-expected revenue and Bank of America reported a worse-than-expected loss.
Bank of America Corp. has agreed to share previously undisclosed information related to its purchase of Merrill Lynch with regulators investigating whether the company misled shareholders, the Securities and Exchange Commission said Tuesday.
A year after the government applied a tourniquet to the banking industry, the bleeding has slowed -- but it hasn't stopped.
A government watchdog says federal officials weren't entirely honest with the public about the health of the first 9 financial firms that got federal bailouts, according to a report released Monday.
The exit of Bank of America chief executive officer Ken Lewis may silence some of his staunchest critics, but his departure is raising more questions than answers about the fate of the nation's largest bank.
Bank of America and JPMorgan Chase said Monday they will reduce overdraft fees and overhaul checking account options, amid a burgeoning backlash over banks' policies on overspending.
Bank of America said Monday it will pay the U.S. government $425 million to end a federal backstop of assets related to its purchase of troubled brokerage Merrill Lynch earlier this year.
New York Attorney General Andrew Cuomo issued subpoenas to five Bank of America board members on Wednesday, as part of his investigation into the bank's purchase of Merrill Lynch a year ago, a source close to the investigation told CNN.
The outrage over big bonuses paid to Merrill Lynch employees is quickly becoming less a scandal for Bank of America and more of another black eye for Wall Street's top cop in Washington.
Bank of America and regulators once again urged a federal judge to uphold a $33 million settlement tied to the disclosure of Merrill Lynch bonuses.
Is Bank of America really doing well enough to get off the government dole?
The U.S. Treasury shouldn't let Bank of America out of the penalty box just yet.
Monday was a good day for the markets.
Bank of America announced a management shakeup Monday, promoting three to the bank's senior executive team and hiring former Citigroup executive Sallie Krawcheck to run the bank's global wealth management unit.
Stocks, coming off the best July in two decades, got a strong August start Monday after better-than-expected readings on manufacturing and car sales added to bets that the economy is starting to stabilize.
The Securities and Exchange Commission filed charges Monday against Bank of America for misleading investors about billions of dollars in bonuses paid to top executives at Merrill Lynch following its purchase of the brokerage giant.
Bank of America Corp. responded Tuesday to conflicting reports of branch closings by saying that the company has not made any final decisions.
Bank of America joined the ranks of big banks posting better-than-expected first-half profits this week.
Will the big banks do it again?
Ken Lewis should get out his checkbook. The Bank of America boss never signed the deal he cut in January for the U.S. to backstop some $118 billion in Merrill Lynch assets. But that didn't become known until May, when the firm announced it wouldn't be taking the guarantee.
The so-called brain drain that big banks have worried about ever since the government stepped in to bail out the financial sector appears to be well underway.
Bank of America chief Ken Lewis told lawmakers Thursday that pressure from federal regulators played an important part in the company's decision to continue with its planned acquisition of Merrill Lynch late last year.
Bank of America CEO Ken Lewis heads to Capitol Hill on Thursday, and he's likely to be grilled by lawmakers about the government's role in ensuring that the bank complete its controversial merger with Merrill Lynch.
For the second time this year, the Federal Reserve is under pressure to come clean on its role in a costly government bailout of a big financial company.
The refinancing tide has ebbed, but mortgage profits for the nation's biggest banks are in no danger of drying up.
Bank of America said Wednesday that it was "well on its way" towards raising the nearly $34 billion in capital that government regulators said it must do earlier this month to have a buffer for future loan losses.
Banks are using tax-free benefits from life insurance policies they hold for their employees to pay executive bonuses, deferred pay and pensions, according to a published report Wednesday.
The nation's leading banks may have been deemed solvent, but it remains to be seen whether top management at those firms will soon go bust.
Bank of America has raised $7.3 billion from the sale of 13.5 billion shares of China Construction Bank, according to published reports.
The curtain has been lifted: Bank of America must come up with $34 billion to meet the demands of its stress test by federal regulators. But the Federal Reserve's disclosure was followed by a far more surprising announcement from CEO Ken Lewis, who said that the bank would not, as some had speculated, convert the government's preferred stock into common equity.
At long last, investors will get some much-needed answers about whether the nation's biggest banks need more capital -- and how much.
The stress test results are starting to leak out, and even banks with middling grades are being treated as winners in the marketplace.
The U.S. government isn't due to reveal the results of its stress tests on banks until Thursday, but leaked results are painting a troubling picture.
By all accounts, Bank of America's annual meeting in Charlotte, North Carolina was a pleasant affair. Chief executive Ken Lewis received hearty applause when he appeared before the bank's shareholders, which consisted of hundreds of employees, former executives and local supporters. But the voting results tell a different story.
Bank of America chief executive officer Ken Lewis was ousted from his role as chairman of the bank after shareholders approved a proposal to require that the company have an independent chairman.
Government regulators have told Bank of America Corp. and Citigroup Inc. that the banks need to increase their capital reserves based on preliminary "stress test" results, according to a report published Tuesday.
Questions about whether Bank of America breached its duties to shareholders come at an inconvenient time for embattled CEO Ken Lewis.
Banks are socking away funds for future loan losses at a record clip. But at the sickliest institutions, problem loans are rising even faster.
Bank of America surprised Wall Street Monday with a much bigger-than-expected first quarter profit of $4.2 billion, even as the company was stung by rising credit costs.
This earnings season, no company may have more on the line than Bank of America.
Should bank bondholders really be heading for the exits? In recent weeks the prices of some troubled banks' subordinated debt have declined sharply and the cost of insuring it against default has risen.
What do Vikram Pandit and Madonna have in common? They're both trendsetters.
What's the best way to fix the nation's banking system? Well, at least two senators making the rounds on the Sunday morning political TV gabfests think it's to let the megabanks fail.
Bank of America's chief executive officer spent four hours Thursday testifying in an investigation into the $3.6 billion in bonuses that Merrill Lynch paid out just before it was acquired by the bank last year, but still refused to give out the details of those payments.
The U.S. is straining to avoid nationalizing its banks. That's the implication of its latest plans to recapitalize wobbly financial institutions. Following last week's panic over the possibility that both Bank of America and Citigroup might be nationalized, it's not surprising that shareholders are rejoicing. Taxpayers, though, may end up with a raw deal.
Bank of America CEO and Chairman Kenneth Lewis has been issued a subpoena by the New York State Attorney General's Office, which is investigating whether the bank violated state law by withholding information from investors, a source familiar with the investigation told CNN.
Is Bank of America literally destined to become THE Bank of America?
Business may be slow for the nation's big banks -- but their public relations departments sure are busy!
Nothing seems to scare bankers, or their shareholders for that matter, more than the word "nationalization."
Bank stocks swooned for the seventh time in eight days Friday, as the news of another big setback in the economy overshadowed some modest progress in the restructuring of the troubled financial sector.
Prices for U.S. Treasurys fell Friday as the government's latest efforts to stabilize the shaky financial services sector outweighed grim economic data and weak corporate results.
Bank of America has received another $20 billion from the federal government's bailout fund, along with guarantees on $118 billion of assets at the bank, to absorb its recent purchase of the ailing Merrill Lynch.
Stocks rallied Friday morning after the government bailed out Bank of America and Citigroup announced plans to split its business in two, overshadowing massive quarterly losses at both banks.
Bank of America will get another $20 billion from the U.S. government's bailout fund, with federal guarantees for another $118 billion in mortgage-backed securities on its balance sheets, the Treasury Department announced early Friday.
Bank of America is reportedly close to a deal to get up to $20 billion more from the federal government to absorb its recent purchase of the ailing Merrill Lynch.
Bank of America is reportedly negotiating for billions more in aid from the federal government to digest its recent acquisition of Merrill Lynch.
Call it the case of same story, different quarter for the nation's banks.
Bank of America has sold 5.6 billion shares, or $3 billion, of its holdings in China Construction Bank, a spokesman for the Chinese bank said Wednesday.
Bank of America said Thursday it plans to slash up to 35,000 jobs over the next three years as it absorbs Merrill Lynch and contends with the deepening recession.
Laid-off workers at a Chicago window factory ended a five-day sit-in after banks agreed to lend the failed company $1.75 million for outstanding wages and benefits, union officials said Wednesday.
Bank of America said Tuesday it is prepared to extend credit to a Chicago window and door maker whose laid-off workers staged a five-day "sit-in" after the factory closed.
A resolution could come Tuesday to the sit-in by laid-off workers at a Chicago window factory, a mediator in the talks said Monday night.
Talk about being where the action is: Ground zero for today's financial crisis is the business of home mortgages, and Bank of America's Barbara Desoer oversees the biggest collection held by any financial institution in the U.S.
A plan announced today by Bank of America will be the most aggressive foreclosure prevention effort ever undertaken by a U.S. bank.
Most bank stocks finished lower Wednesday after trading all over the map following the Federal Reserve's emergency half-point interest rate cut.
In case you forgot that the nation's financial system is a mess, banks will offer up a reminder next week when they are expected to start reporting another brutal round of quarterly results.
Bank of America proved it was not invulnerable to the credit crunch as it reported a steep decline in earnings on Monday, and announced plans to bulk up on capital by slashing its dividend in half and raising $10 billion through a stock sale.
When John Dykstra got his September credit card bill from Advanta, a small-business card issuer, he was shocked: Dykstra says he has a good credit score and has never missed a payment, but his interest rate had jumped from 7.99% to 26%.
Why is it so hard to save money?" asks the narrator of a new Bank of America TV ad. "This is America. We save everything. We saved the bald eagle, the redwoods." Cue images of said eagle, said trees, and also dollar bills and a girl pouring change out of a glass jar. The ad marks a change in the way banks sell themselves. During the recent housing bubble, banks urged their clients to spend, spend, spend - through home-equity loans or other forms of credit. With spending out of fashion today, those same banks are pushing savings accounts, CDs, and retirement plans.
Bank of America agreed to buy Merrill Lynch early Monday in an all-stock deal valued at as much as $50 billion, the clearest sign yet of the upheaval reshaping the nation's banking and securities industries.
Lehman Brothers filed for Chapter 11 bankruptcy protection and Bank of America is buying Merrill Lynch. With the changing banking landscape, here's what you need to know about the safety of your own bank.
Wall Street braced for a huge stock selloff Monday after one of the most calamitous days in U.S. financial services history resulted in Bank of America's $50 billion deal to buy Merrill Lynch and the bankruptcy filing of Lehman Brothers.
Bank of America Corp. revealed Thursday that it has received subpoenas and requests for information from various state and federal regulators regarding its sale of auction-rate securities
The dollar eased against the euro and yen Monday, with market observers saying investors were waiting for quarterly corporate results coming out over the next few weeks.
Bank of America proved its dexterity yet again on Monday by reporting better-than-expected results even as it juggled credit issues and its high-profile acquisition of the troubled mortgage lender Countrywide Financial.
Treasury prices eased Monday as stocks opened higher, lifted by stronger-than-expected earnings from Bank of America, and as the dollar lost ground to the euro.
Oil is down. The dollar is up. And the Fed is finally talking tough on inflation. It's what everyone has been waiting for. You'd think Wall Street's mood would be one of jubilation.
Stocks slumped Monday as oil prices touched a record $120 a barrel, Microsoft abandoned its bid for Yahoo and analysts speculated that Bank of America could renegotiate or walk away from its deal to buy Countrywide Financial.
Countrywide's creditors are getting nervous.
Could Bank of America Corp.'s proposed buyout of Countrywide Financial Corp. fall apart?
Blue chips dipped and tech shares ended higher Monday as weaker-than-expected earnings from Bank of America gave investors a reason to hesitate after last week's big advance.
Bank of America Corp. said Monday its profit fell 77 percent in the first quarter, hurt by trading losses and a $3.3 billion increase in reserves for problem loans
Bank of America Corp.'s quarterly profits plunged 77% as the bank set aside more cash for bad loans and took another writedown on its mortgage-related portfolio, the company said Monday.
Stocks were poised to struggle at Monday's open, as investors mulled weaker-than-expected earnings from Bank of America and the effect of a record trading high for oil prices following an attack on an oil tanker off the coast of Yemen.
The two top executives at Countrywide Financial Corp. -- the nation's largest mortgage lender -- are slated to receive a combined $19 million in payouts as part of the company's pending takeover by Bank of America, according to regulatory filing this week.
Americans will get a chance to speak their minds on the proposed merger between Bank of America and Countrywide Financial Corp., the Federal Reserve said Thursday.
The Bush administration Tuesday announced a plan to help struggling homeowners avoid losing their homes to foreclosure.
For Bank of America CEO Kenneth Lewis, it's been a crazy day, the ultimate in Wall Street whipsaw. Early Tuesday, the financial services giant shocked investors by announcing a 95 percent collapse in fourth quarter earnings. When markets opened, Bank of America's stock suffered a massive selloff in what looked like a black day for the country's biggest bank.
Bank of America, stung by a $5.3 billion mortgage-related writedown, reported a steep drop in quarterly results Tuesday that fell short of expectations.
U.S. stocks plunged at the start of trading Tuesday, with investors ignoring the Federal Reserve's emergency rate cut to join the global selloff on recession fears.
Wall Street looked set for losses at Tuesday's open, although the blow is likely to be cushioned after the Federal Reserve stepped in with an emergency rate cut.
Bank of America, stung by a $5.3 billion mortgage-related writedown, reported quarterly results Tuesday that fell short of Wall Street's expectations.
Bank of America will drastically reorganize its corporate investment division as it retreats to focus on its core competencies of big business banking, said CEO Ken Lewis in an interview with The Wall Street Journal.
Guess who's helping Bank of America pay for its $4.1 billion purchase of Countrywide Financial? Answer: The taxpayers of the United States.
Vultures began swooping in Friday to pick over the carnage of the worst housing bust in U.S. history. What's remarkable, though, is how happy the spectacle is making some people on Wall Street.
Bank of America came to the rescue of embattled mortgage lender Countrywide Financial Corp. Friday, announcing it would buy the company for $4 billion in an all-stock deal.
Bank of America is in advanced talks to purchase struggling home lending giant Countrywide Financial Corp., according to The Wall Street Journal.
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