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SATURDAY, NOVEMBER 7, 2009
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NEWS ABOUT: Bank of America

Bank of America stories: 223 news summaries

1 - 20 of 223 Stories | 1 2 3 4 5 ... 12 Next >>

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 Pay Czar Cuts 
 Bonuses, But 
 Boosts Salaries 

Feinberg beefs up base base to help firms retain talent

Oct 28, 09 1:24 AM CDT
(Newser) - Base pay will increase for the majority of top execs in the finance and auto firms supervised by federal pay czar Kenneth Feinberg. Salaries are being bumped up—by hundreds of thousands of dollars in some cases—as bonuses and other perks are slashed. Despite the salary hikes, all 136... More »

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Chrysler • Citigroup • executive compensation • Bank of America • General Motors • AIG • bonuses • executive bonuses • Kenneth Feinberg • pay czar

 50% Pay Cuts 
 for Bailout Execs 
 Due Today 

Warren confirms cuts to 25 top earners at 7 companies

Oct 22, 09 9:40 AM CDT
(AP) - The Treasury Department today is expected to order seven companies that have not paid back last year's US government bailouts to halve their top executives' average compensation. The cuts apply to the 25 highest-paid executives at banks and other companies that received the most assistance, with salaries being slashed by... More »

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Chrysler • executive compensation • Bank of America • General Motors • Citibank • AIG • Treasury Department • Obama administration • Wall Street bailout • TARP • Elizabeth Warren • Kenneth Feinberg

Pay Czar Slashes Top Salaries at 7 Bailed-Out Firms

175 top earners will see pay cuts averaging 50%

Oct 21, 09 3:53 PM CDT
(Newser) - President Obama’s pay czar will cut compensation for the 25 highest-paid employees at seven companies that took large amounts of government aid. The 175 executives will face salary reductions of 90%, but with other compensation elements added in, the total reductions average 50%. Ken Feinberg also will require the... More »

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Chrysler • Citigroup • executive compensation • Bank of America • General Motors • AIG • compensation • bailout • GMAC • Wall Street bailout • pay czar

PAUL KRUGMAN

 In Switch, 
 'Real Economy' 
 Hits Big Banks 

Slumping profits are 'payback' from Main Street whipped by bad practices

Oct 19, 09 9:49 AM CDT
(Newser) - Those concerned about the nation’s banks should forget about the “softly, softly policy” of the Obama administration that has allowed Goldman Sachs to go back to business as usual in spectacular fashion. The real problem, Paul Krugman writes, is banks like Citi and Bank of America that are... More »

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Bank of America • Goldman Sachs • recession • Citibank • credit crisis • Paul Krugman • lending practices • Larry Summers • Obama administration • financial crisis • economic downturn

MARKETS

 Dow Drops 67, 
 Sinks Below 10,000, 
 on IBM, BoA Reports 

Dour day cuts into weekly gains

Oct 16, 09 3:16 PM CDT
(Newser) - Stocks fell today as optimism about economic recovery waned in the face of disappointing earnings. Bank of American and General Electric’s financing division both posted quarterly losses. IBM, which reported strong profits but spooked investors with downbeat comments on the readiness of businesses to spend on technology, fell 5.... More »

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Bank of America • Dow Jones • General Electric • IBM • Nasdaq • S&P 500

Bank of America Loses
$2.2B as Loans Sour

Investment revenues up, but consumers default on nearly $10B

Oct 16, 09 8:02 AM CDT
(AP) - Bank of America Corp. lost more $2.24 billion in the third quarter, the company announced today, as loan losses kept rising. Those losses amounted to nearly $10 billion, providing further evidence that consumers are still struggling to pay their bills. The bank also added $2.1 billion to its... More »

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Bank of America • earnings reports • Merrill Lynch • loans • corporate earnings • third quarter earnings • loan-loss provision • toxic assets

Pay Czar
Blocks Salary
for Ken Lewis

BofA CEO will return $1M and forgo
any pay this year

Oct 16, 09 7:42 AM CDT
(Newser) - President Obama's pay czar has landed his biggest punch yet: Bank of America CEO Ken Lewis will forgo any pay this year and return $1 million he's already accepted. But don't start up a collection just yet: The reason Kenneth Feinberg made the request is because Lewis will receive about... More »

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Bank of America • CEO • salary • banking industry • Ken Lewis • Kenneth Feinberg • pay czar

Lewis Due a Mere $53M
From BofA Pension Plan

But President Obama's pay czar could yet step in on that, millions in stock

Oct 1, 09 8:08 PM CDT
(Newser) - An executive pension plan Bank of America stopped in 2001—along with “golden parachute” balloon payments to execs leaving the company—will yield about $53 million for departing CEO Ken Lewis. Lewis, 62, participated for years in the plan, which was frozen the year he ascended to the top... More »

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stock market • executive compensation • Bank of America • retirement • golden parachutes • financial crisis • Ken Lewis • pension plan

(AP) - Ken Lewis, the embattled CEO of Bank of America, is leaving the company, succumbing to nearly a year of strife that followed his company's acquisition of Merrill Lynch. The bank said in a statement that Lewis, 62, would retire as CEO and also leave the company's board by the end... More »

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Bank of America • CEO • retirement • Ken Lewis

 BofA Severs Ties With ACORN 

ACORN Housing advocated for homeowners facing foreclosure

Sep 28, 09 9:08 AM CDT
(Newser) - Bank of America has cut off ties with ACORN’s housing assistance arm following revelations that employees of the community organizing group gave ill-advised assistance to videographers posing as a pimp and prostitute. ACORN Housing has worked with BofA—among other banks—since the '90s to help homeowners in danger... More »

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prostitution • Bank of America • foreclosure • mortgage • homeowners • Acorn • Scott Harshbarger • Michael Shea • Acorn Housing

Lawsuit Hits BoA for '1,784 Billion, Trillion Dollars'

Man requests cosmic sum to compensate for bad customer service

Sep 25, 09 4:46 PM CDT
(Newser) - An angry customer is suing Bank of America for "1,784 billion, trillion dollars" over service he found less than satisfying, Reuters reports. Dalton Chiscolm filed the suit for "inconsistent information from a 'Spanish woman,'” a judge says. "He apparently alleges that checks have been rejected... More »

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Bank of America • lawsuit • frivolous lawsuits • customer service

Chase, Bank of America Tweak Overdraft Policies

Will eliminate fees on small overdrafts, cut number of times customers can be hit daily

Sep 22, 09 7:44 PM CDT
(Newser) - After squawking by legislators, JPMorgan Chase and Bank of America are changing how they charge overdraft fees, the Wall Street Journal reports. BofA now won’t charge customers if they overdraw their accounts by under $10 in one day; at Chase, it’s $5 or less. Both are also reducing... More »

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Bank of America • JPMorgan Chase • financial crisis • overdraft fee

MARKETS

 Dow Down 41; 
 Tech Rises, 
 Banks Fall 

September rally sees slight pullback

Sep 21, 09 3:13 PM CDT
(Newser) - Stock indices finished mixed today after the markets reached what most traders saw as a slight pause in a very strong September, the Wall Street Journal reports. Financials led declines: AmEx fell 2.9%, while Bank of America lost 1.8%. Google rose 1.1% after Citigroup analysts boosted their... More »

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Google • Citigroup • Bank of America • Dow Jones • American Express • Nasdaq • S&P 500

 Congress, BofA 
 Clash Over Merrill Secrets 

Bank insists merger talk protected, Towns issues spill deadline

Sep 21, 09 5:40 AM CDT
(Newser) - Bank of America claims it doesn't have to produce details about its decision to merge with Merrill Lynch because the conversations are protected by attorney-client privilege. But the chairman of the House Oversight and Government Reform Committee begs to differ, reports the New York Times. The showdown peaked last week... More »

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Bank of America • merger • Merrill Lynch • bailout • House Committee on Oversight and Government Reform • financial crisis • Edolphus Towns

 Feds Probe 
 BofA-Merrill Deal 

FBI, Justice Department investigate timing of bonus payments: source

Sep 18, 09 3:55 PM CDT
(Newser) - Bank of America's acquisition of Merrill Lynch is the focus of an ongoing investigation by the FBI and Justice Department, sources tell the Charlotte Observer, the bank's hometown paper. The SEC and the AGs of New York and North Carolina have already launched civil probes of the timing of huge... More »

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Department of Justice • FBI • Bank of America • mergers and acquisitions • Merrill Lynch • SEC • bonuses • New York Attorney General • New York attorney general • Securities and Exchange Commission • executive bonuses • North Carolina attorney general

Merrill's Thain Rues Picking Pricey Office Decor Over Ikea

Former Merrill Lynch CEO denies accelerating bonuses

Sep 18, 09 12:21 PM CDT
(Newser) - Merrill Lynch's former CEO issued an apology of sorts for spending $1.2 million—including $35,000 for a commode—to redecorate his office as the firm bottomed out, Bloomberg reports. “We decorated it in the style that Merrill Lynch offices were, which was very, very nice,” John... More »

MORE ABOUT:
Bank of America • merger • Merrill Lynch • Ikea • bonuses • John Thain • furniture • financial crisis • Ken Lewis

MARKETS

 Dow Up 108 to 2009 High 

GE, financials gain; Fed shows industrial activity up for August

Sep 16, 09 3:15 PM CDT
(Newser) - Stocks rallied today, with all three major indices hitting their highest levels of the year, the Wall Street Journal reports. GE surged 5.69%, AmEx 3.06%, and BofA 2.80% on good data: Industrial production gained 0.8% in August, and the Labor Department’s consumer-price index rose 0.... More »

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Bank of America • Dow Jones • Consumer Price Index • American Express • Nasdaq • S&P 500 • industrial

 Cuomo Hits 5 BofA Directors 
 With Subpoenas 

Bank's board may have hid Merrill losses from shareholders

Sep 16, 09 1:50 PM CDT
(Newser) - Andrew Cuomo subpoenaed five members of Bank of America’s board of directors today in his probe to uncover whether the bank was truthful to shareholders about losses at Merrill Lynch, the Wall Street Journal reports. The New York Attorney General suspects that the board was fully informed of the... More »

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Attorney General • Bank of America • shareholders • merger • Merrill Lynch • Andrew Cuomo • New York Attorney General

Court Overturns Merrill-BofA Settlement With SEC

Bank's $33M fine doesn't do 'justice' to shareholders, public: judge

Sep 14, 09 2:47 PM CDT
(Newser) - A federal judge today scrapped the $33 million settlement Bank of America and the SEC agreed on as punishment for the bank's not informing shareholders of bonuses paid to Merrill Lynch executives just before the bank bought Merrill, the New York Times reports. Saying BofA "materially lied, " Jed... More »

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Bank of America • Merrill Lynch • SEC • bonuses • settlement • hearings • regulator • Securities and Exchange Commission • Jed Rakoff

BofA Cardholder Rips 'Thieving Bastards'

Foe of 'usury and plunder' won't pay 'til CEO watches video

Sep 14, 09 1:04 PM CDT
(Newser) - A California woman who says she kept paying her credit card bill even after she lost her job has had enough: She's pledging not to pay down her Bank of America account until the creditor lowers her interest rate, the Huffington Post reports.. It’s “the proverbial first... More »

MORE ABOUT:
Bank of America • credit card • interest rate • consumer debt • Wall Street bailout • Ken Lewis • Ann Minch • debtor

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