Bank of America Corp.

bank of america corp. - All News and Analysis

• Bank of America Sells China Bank Stake

  Reuters - 2009-01-07

  By Tony MunroeHONG KONG (Reuters) - Bank of America Corp BAC, coping with tough economic conditions, raised $2.83 billion by selling part of its stake in China Construction Bank Corp , and Hong Kong's richest tycoon sold a $500 million stake in rival Bank of China .Shares in China's big...

  Tags: Bank, Bank Of America Corp., American Express Co., Bank of America Corp., Goldman Sachs & Co., Hong Kong, Li, UBS AG

• Banks May Need to Raise Fresh Capital in '09: Whitney

  Reuters - 2009-01-07

  (Reuters) - U.S. banks will have to raise fresh capital in 2009, and a sharp increase in credit-rating downgrades on mortgage-related securities will lead to further stresses on the companies' capital, according to prominent banking analyst Meredith Whitney."From July 2007 to date, over $5 trillion worth of securities have been...

  Tags: Bank, Analyst, Loss Provision, Banking, Bank of America Corp., Citigroup Inc., J.P. Morgan Chase & Co., Wells Fargo & Co.

• The Wisdom of Convertible Securities

  Seeking Alpha - 2009-01-06

  James Cullen submits: Last time, we discussed how investors willing to analyze opportunities up and down a company’s capital structure open up numerous possibilities to generate absolute returns - in particular through looking for undervalued embedded options in convertible securities. Reading the last article will be helpful to understanding...

  Tags: Financial, James Cullen, Bank of America Corp.

• Merrill Brokerage Chief McCann to Leave

  Reuters - 2009-01-06

  NEW YORK (Reuters) - Bob McCann, head of brokerage at Merrill Lynch & Co, announced his plans to leave the securities firm, just days after its acquisition by Bank of America BAC was completed.On Monday, John Thain, the former Merrill chief executive who is now president of the Bank of...

  Tags: Merrill Lynch & Co. Inc., Mergers & Acquisitions, Corporate Law, Investment, Finance, Business Operations, Bank of America Corp., Bank Of America Corp.

• GE's Finance Arm Launches $10 Billion FDIC-backed Debt

  Reuters - 2009-01-05

  By Dena AubinNEW YORK (Reuters) - General Electric Co's GE finance arm on Monday launched a $10 billion sale of FDIC-backed debt, the largest sale under the government guarantee program since its inception last November.The General Electric Capital Corp sale will push total issuance under the government program to over...

  Tags: FDIC, General Electric Co., Financing, GE Capital Inc., Financial Accounting, Investment, Finance, Bank of America Corp.

• Bank Loan Losses May Double By 2010-end: Deutsche

  Reuters - 2009-01-05

  (Reuters) - Loan losses for U.S. commercial banks are expected to rise to 3 percent by the end of 2010, from 1.5 percent in the third quarter of 2008, hurt by an increased percentage of bad loans, greater consumer leverage and faster problem recognition by banks, Deutsche Bank said.Loan losses...

  Tags: Bank, Deutsche Bank AG, Loss, Balance Sheets, Mortgages, Bank of America Corp., Citigroup Inc., J.P. Morgan Chase & Co.

• Used Ticker Symbols for Sale: MER, WB

  Seeking Alpha - 2009-01-04

  Joshua Morgan Brown submits: On a quiet post-New Year’s Friday, two of the most widely followed stocks disappeared from Quotrons and trading screens around the world: [[MER]] and [[WB]]. As Merrill Lynch and Wachovia begin their new lives as the foster children of Bank of America BAC and...

  Tags: Financial, Joshua Morgan Brown, Bank of America Corp., Wells Fargo & Co.

• Bank of America, Wells Close Mergers as Banking Transforms

  Reuters - 2009-01-01

  By Jonathan StempelNEW YORK (Reuters) - Bank of America Corp BAC completed its purchase of Merrill Lynch & Co and Wells Fargo & Co WFC finished buying Wachovia Corp, the latest sea changes in a transformed banking industry facing dire economic times ahead.The Merrill takeover was completed on Thursday, ending...

  Tags: Bank Of America Corp., Merger, Wells Fargo & Co., Merrill Lynch & Co. Inc., Banking, Wachovia Corp., Bank of America Corp., Citigroup Inc., J.P. Morgan Chase & Co., PNC Financial Services Group Inc.

• Bank of America Completes Merrill Lynch Purchase

  Reuters - 2009-01-01

  NEW YORK (Reuters) - Bank of America Corp BAC completed its purchase of Merrill Lynch & Co on Thursday, creating the largest U.S. bank and perhaps one of the biggest challenges yet for longtime Chief Executive Kenneth Lewis.The closing allows Bank of America to bypass JPMorgan Chase & Co JPM...

  Tags: Bank, Bank Of America Corp., Merrill Lynch & Co. Inc., Bank of America Corp., BlackRock Inc., Citigroup Inc., J.P. Morgan Chase & Co., Lewis, Wells Fargo & Co.

• Wells Fargo Completes Wachovia Purchase

  Reuters - 2009-01-01

  NEW YORK (Reuters) - Wells Fargo & Co WFC said it has completed its roughly $12.7 billion purchase of Wachovia Corp, a big bet that it properly assessed the risks in Wachovia's huge book of mortgage and real estate loans.The merger closed on Wednesday and more than doubles the size...

  Tags: Wells Fargo & Co., Wachovia Corp., Asset Management, Mergers & Acquisitions, Bank of America Corp., Citigroup Inc., J.P. Morgan Chase & Co., Real Estate

• Bank of America: Optimism Is Unwarranted

  Seeking Alpha - 2008-12-23

  Robert Maltbie submits: Bank of America Corporation BAC, a financial holding company, provides a wide range of banking and nonbanking financial services and products to customers in the United States and internationally. The pending merger with Merrill Lynch MER will make Bank of America one of the largest financial services...

  Tags: Financial, Robert Maltbie, Bank of America Corp.

• Mortgage Re-defaults Rising, No Sign of Slowing

  Reuters - 2008-12-22

  WASHINGTON (Reuters) - The rate of home mortgage borrowers defaulting after their loans are modified is rising and shows no signs of leveling off, U.S. banking regulators said on Monday."This trend of increasing delinquencies underscores the need to understand why these modifications have not been more sustainable," John Dugan, head...

  Tags: Banking, Mortgages, Financial Services, Finance, Bank of America Corp., Citigroup Inc., J.P. Morgan Chase & Co.

• Commercial Metals Company F1Q09 (Qtr End 11/30/08) Earnings Call Transcript

  Seeking Alpha - 2008-12-17

  Question-and-Answer SessionOperator Operator Instructions Your first question comes from Kuni Chen – Bank of America Securities. Kuni Chen – Bank of America Securities First off, on the infrastructure stimulus side of the equation, it's helpful that you gave us some time frames there on when you may see...

  Tags: Bank Of America Corp., Uptick, Call Transcript, Earnings, Security, Seeking Alpha, Commercial Metals Co.

• Financial Roundup: Blood at BofA, Ken Lewis's Curious Date, SEC Not to Blame, Credit Card Debt Up

  BNET - 2008-12-16

  Blood in the halls at BofA -- Some 20 high-ranking Bank of America executives have been let go as the company gears up to take over Merrill Lynch which will lead to up to 35,000 job losses overall.. The cuts involve executives just a tier down from the top and...

  Tags: Bank Of America Corp., Financial, Credit Card, SEC, Sales Channel, Financial Services, Sales, Peter Galuszka

• Bank of America Stock Could Sink to $9: Analyst

  Reuters - 2008-12-15

  NEW YORK (Reuters) - Bank of America Corp BAC was rated "underperform" by Friedman, Billings, Ramsey Group Inc analyst Paul Miller in a note, citing the bank's "thin tangible common equity" as a chief concern.The stock could fall as low as $9, the analyst said. Bank of America's shares closed...

  Tags: Bank, Bank Of America Corp., Merrill Lynch & Co. Inc., Stock, Equity, Financial Services, Bank of America Corp., Paul Miller

• Bank of America Cuts Senior Exec Jobs: Report

  Reuters - 2008-12-15

  NEW YORK (Reuters) - Bank of America Corp BAC, which is set to complete its acquisition of Merrill Lynch & Co Inc MER this year, has dismissed about 20 senior executives, The Wall Street Journal reported on Monday.The bank, which has been grappling with slackening business due to the recession,...

  Tags: Bank, Bank Of America Corp., Job, Financial Services, Recruitment & Selection, Human Resources, Bank of America Corp., Merrill Lynch & Co. Inc.

• GM May Need $30 Billion Government Loan to Survive: BofA

  Reuters - 2008-12-15

  NEW YORK (Reuters) - The U.S. government may need to lend General Motors Corp GM around $30 billion to help the automaker operate through a bankruptcy, or risk a systemic chain of failures in the auto industry, Bank of America said.The Bush administration said on Friday it could be willing...

  Tags: Bank, Bank Of America Corp., General Motors Corp., Government, American Axle & Manufacturing Holdings Inc., Ford Motor Co., Lear Corp., Visteon Corp.

• Two Banking Models Emerge Post-Meltdown

  BNET - 2008-12-15

  Two distinct banking models seem to emerging from the mess of the financial meltdown. Neither one is particularly new. One model, followed by Citigroup, JP Morgan Chase & Co. and Bank of America, is to be a behemoth that is all things to all customers -- retail, commercial,...

  Tags: Bank, Bank Of America Corp., Financial, Wells Fargo & Co., Banking, Financial Services, Peter Galuszka

• Bank of America Dashes China Bank Sale Talk, CCB Falls

  Reuters - 2008-12-14

  By Clare Jim and Donny KwokHONG KONG (Reuters) - Shares in China Construction Bank , the country's most valuable lender, slid more than 4 percent on Monday even after Bank of America BAC poured cold water on a local newspaper report it planned to unload its stake in the Chinese...

  Tags: Bank, Bank Of America Corp., CCB, Financial Services, Bank of America Corp., Merrill Lynch & Co. Inc., Us

• Bank of America to Cut Up to 35,000 Jobs

  ReutersUK - 2008-12-12

  By Jonathan Stempel and Dan WilchinsNEW YORK (Reuters UK) - Bank of America Corp BAC said on Thursday it plans to eliminate 30,000 to 35,000 jobs over three years, reflecting its pending purchase of Merrill Lynch MER and weaker business activity stemming from the economic recession.The cuts could affect as...

  Tags: Bank Of America Corp., Job, Merrill Lynch & Co. Inc., Bank of America Corp., Citigroup Inc., Goldman Sachs & Co., J.P. Morgan Chase & Co., Morgan Stanley

• Incorporated: 1968
• CEO: Mr. Kenneth D. Lewis