BNET Industries
Bank of America Corp. (BAC) is in the Financial Services Industry
- Revenue
- Dec 31 2007
- $119.1B
- Profit
- Dec 31 2007
- $14.9B
- Market Cap
- Jul 02 2008
- $100.3B
Latest News and Analysis
BofA Left to Clean Up Countrywide's Mess
Markham Lee submits: Wachovia WB effectively threw in the towel yesterday with respect to making a return on their purchase of Golden West when they decided to stop offering option-ARMs. When you consider the fact that Countrywide CFC has even larger numbers of exotic mortgages on its balance sheet not...
Options Trader: Tuesday Outlook
Phil Davis submits: Oil is at $142.50. As I said yesterday, what do you expect to happen when a tank of gas costs $70? We were hoping for some relief but we are not getting it. Every sell-off on the NYMEX, like the one yesterday that dropped oil...
Florida Sues Countrywide Over Mortgages
By Jim Loney MIAMI (Reuters) - Florida sued mortgage lender Countrywide Financial Corp CFC on Monday for predatory lending practices, alleging the company at the center of the U.S. mortgage crisis made subprime loans to people who could not repay them....
Bond Market Skepticism: Lehman et al.
John Jansen submits: Lehman LEH stock has declined by about 10 percent (as of this writing at 255PM New York time). The firm has been the subject of several rumors. One rumor suggests that they will announce additional large writedowns in their mortgage book. A separate rumor had senior...
Investors Losing All Their Blue Chips
Hickey and Walters Bespoke submit: So called blue-chip stocks have struggled mightily over the last year. The total loss in market cap from their 52-week highs for stocks in the S&P 100 (largest 100 S&P stocks by market cap) is now $2.5 trillion. Below we highlight stocks in...
Massive Government and Private Sector Job Cuts Coming
Michael Shedlock submits: CNN Money is reporting State, city layoffs: 45,000 and counting. With falling revenue from sales and income taxes, and property-tax declines looming, states, cities and towns have already laid off tens of thousands of government employees. The American Federation of State, County and Municipal Employees, a public...
UBS Tumbles on News It Eyeing Paine Webber Sale
By John O'Donnell FRANKFURT (Reuters) - Investors took fright on Monday that UBS faced further losses after news that it was considering the sale of the heart of its U.S. wealth management business, broker Paine Webber. UBS is under pressure from the Swiss...
Mid-Caps Are Outperforming Large- and Small-Caps
Alan Brochstein, CFA submits: Though it has more exposure to Financials and less to Energy relative to the S&P 500, the S&P 400 Mid-Cap index is significantly outperforming the Large-Cap index thus far QTD and YTD. Curiously, it is also outperforming the S&P 600 Small-Cap index as well. ...
A Critical Market Juncture (Again)
Charlie Bottle submits: "Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one."Charles MacKay by Charlie Bottle
The Bank of America Bug
Brian A. Davis submits: My first position in Bank of America BAC was a 1/30 P on 6/4. Since then, I added a second position of 1/27.50s on 6/12. This week I added a third position of 1/22.50s on 6/24. Everything I have read, and the credit climate I...
Writedowns and Capital Raised by Financial Firms
Hickey and Walters Bespoke submit: From data compiled by Bloomberg, financial firms have now written down $399 billion, with much more expected in the coming weeks. On the flip side, they have raised a total of $322 billion in new capital. Below we highlight the writedowns...
Options Trader: Friday Outlook
Phil Davis submits: In last night’s Big Chart Review I said about our very inept government "we reap what they have sown." That reminded me of one of the great philosophical lessons I learned early in life: by Philip Davis
Everything Financial Rolls Over: Is a Bounce Likely?
James Cullen submits: "I don't think the heavy stuff's coming down for a while!"- Famous Last Words Borrowing a great observation from Todd Harrison, unless financial stocks can catch and hold a bid, the market will continue to go down. Going into quarter's end, naturally, there isn't a fund...
Bank of America's Parking Meter Play
Michael Shedlock submits: Bank of America BAC must be really cash strapped to pull this stunt: B of A Charges $10 Fee For $2 Parking Meter Tab. I recently used my bank of America credit card to pay for a multi-space parking meter in Washington DC. The type electronic...
Time To Start Buying Some Dogs?
Devin Hobbes submits: We all know the motto that tells us to invest when everyone else is fearful and to buy when everyone else is optimistic. We also know that over time, the market's tendency is to go up, not down. The Dow Jones Industrial Average, one of our three...
Bank of America to Cut 7,500 Jobs Post-merger
BANGALORE (Reuters) - Bank of America Corp BAC on Thursday said it expects to eliminate about 7,500 jobs over the next two years after it completes its acquisition of Countrywide Financial Corp CFC, the largest U.S. mortgage lender. The job cuts...
Massachusetts Sues UBS Units For Fraud
By Svea Herbst-Bayliss BOSTON (Reuters UK) - Massachusetts authorities sued two subsidiaries of Swiss bank UBS AG UBSN with fraud on Thursday, saying they misled investors about the safety of auction-rate securities. In the complaint, top state securities regulator William Galvin accused UBS Securities LLC...
Countrywide: California Piles On
Felix Salmon submits: Well, that didn't take long. California attorney general Jerry Brown (yes, that Jerry Brown) has now joined Illinois in deciding to sue Countrywide. Brown's rhetorical powers have not deserted him: Countrywide exploited the American dream of homeownership and then sold its mortgages for huge profits...
Regulator OKs Basel II Plan For Smaller Banks
By Karey Wutkowski WASHINGTON (Reuters) - The majority of U.S. banks would have the option to adopt alternative risk-based capital adequacy rules based on the Basel II agreement, under a proposal agreed to by a top banking regulator. The long-awaited "standardized" capital rules...
Buyers Shying Away From GE's Credit Card Business: WSJ
NEW YORK (Reuters) - General Electric Co's GE auction of its $30 billion credit-card business is attracting only tepid interest, according to an article on the Wall Street Journal's website. Prospective buyers are afraid that customers of stores like Wal-Mart Stores...
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- Incorporated: 1968
- CEO: Mr. Kenneth D. Lewis
Bank of America is a bank holding company and a financial holding company. Through its banking subsidiaries and various nonbanking subsidiaries throughout the U.S. and in selected international markets, Co. provides a range of banking and nonbanking financial services and products through three business segments: Global Consumer and Small Business Banking, Global Corporate and Investment Banking, and Global Wealth and Investment Management. As of Dec 31 2007, Co. operated in 32 states, the District of Columbia and more than 30 foreign countries. At Dec 31 2007, Co. had total assets of $1.72 trillion and total deposits of $805.20 billion.
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Bank of America Corp. Company Info
Board of Directors
Mr. Kenneth D. Lewis
Chairman
Dr. Walter E. Massey Ph.D.
Mr. Thomas J. May
Ms. Patricia E. Mitchell
Mr. Thomas M. Ryan
Mrs. Meredith R. Spangler
Mr. Robert L. Tillman
Ms. Jackie M. Ward
Mr. O. Temple Sloan Jr.
Lead Director
Mr. William Barnet III
Mr. Frank P. Bramble Sr.
Mr. John T. Collins
Mr. Gary L. Countryman
General Tommy R. Franks
Mr. Charles K. Gifford
Ms. Monica C. Lozano
Contact Information
Bank of America Corporate Center
100 N. Tryon Street
Charlotte, NC
704 386-5681
NAICS Code
Commercial Banking: 522110Brought to you by IBMSponsored Resources
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