Bank of America

Bank of America Posts Higher Than Expected Profit in Second-Quarter

Bank of America Posts Higher Than Expected Profit in Second-Quarter

Bank of America, which is trying to board on to banking after battling through several legal and mortgage troubles, on Wednesday said that its second-quarter profit more than doubled from previous year's profit.

Profit posted by the Bank of America even surpassed analysts' expectations. But analysts cautioned that although the good results reflect progress in cutting expenses, drop was also seen in litigation costs and other one-time items, like adjustments to the value of certain debt holdings, thanks to a rise in interest rates in the quarter.

12 Largest Banks of US Forced To Resubmit Their Plans for Navigating a Bankruptcy

Bank of America

Federal banking regulators said in a statement that 12 largest banks of the United States have resubmitted their plans for navigating a bankruptcy that would not require a taxpayer bailout.

This is the third time that banks were forced to resubmit their plans, which clearly details their strategy for a rapid and orderly bankruptcy as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) said Monday that they will start review of their new plans as soon as possible.

Six banks fail to comply with consent orders related to foreclosure-processing mistakes

Six banks fail to comply with consent orders related to foreclosure-processing

Federal regulators have imposed restrictions on the mortgage businesses of six banks. The restrictions were announced on Wednesday by the Office of the Comptroller of the Currency (OCC) against JPMorgan Chase, Wells Fargo, US Bank, HSBC, Santander and EverBank.

The Office of the Comptroller of the Currency (OCC) imposed restrictions on the mortgage-servicing operations of six banks who failed to fully comply with enforcement orders related to past home foreclosure abuses.

The penalties on the six banks involve restrictions on mortgage-servicing operations, including limits on the banks' ability to acquire residential mortgage-servicing rights or outsource their existing mortgage-servicing rights.

Bank of America earns $3.4 billion Profit in First Quarter

Bank of America earns $3.4 billion Profit in First Quarter

According to recent earnings report shared by Bank of America, during the first three months of the current year, the financial services major has earned a profit of $3.4 billion. The latest results mark a turnaround from the loss, which was reported by the bank a year ago, when much higher legal costs were posted by it.

During the first quarter, the bank reported lower revenue since its income dropped in four of its five business segments. However, it also posted much lower legal expenses compared to a year ago. During that time, an agreement with the Federal Housing Finance Agency led to adverse results on one time charge.

RBI may cut policy rates by 0.25% in February: Bank of America

New Delhi - The Reserve Bank is likely to cut rates by 0.25 percent in February's monetary policy review as its target of six percent inflation by January 2016 is likely to be met, Bank of America Merrill Lynch has said.

"In our view, inflation is well set to achieve RBI's eight percent January 2015 and six percent January 2016 CPI inflation targets. We continue to expect Governor Raghuram Rajan to cut rates by 25 basis points on February 3," the investment banking major said in a note.

Global economic cycle, not who rules New Delhi will drive Indian economy: BofA-ML

Global economic cycle, not who rules New Delhi will drive Indian economy: BofA-MLGlobal economic cycle will drive Indian economic growth far more than the outcome of the much-hyped 2014 general elections, Bank of America-Merrill Lynch (BofA-ML) said in its latest report.

Cautioning against too much significance being given to the upcoming elections, the global commercial & corporate banking giant said that global economic cycle and not 'who rules New Delhi' would drive growth.

Bank of America found liable in Countrywide mortgage case

Bank of America found liable in Countrywide mortgage caseAmerican banking giant, Bank of America has been found liable for selling faulty through its Countrywide mortgage unit.

The US government is perusing cases from the financial crisis in order to get financial giants in the country to admit wrongdoing leading up to the collapse in 2008. A federal jury in New york agreed with the government prosecutors who alleged Countrywide Financial sold faulty home loans and transferred them to mortgage giants Fannie Mae and Freddie Mac.

Countrywide sold thousands of bad loans, US officials

Countrywide sold thousands of bad loans, US officialsUS government officials have said that the Countrywide unit of Bank of America Corp has sold thousands of bad loans to the US customers leading to a default of more than $1 billion in mortgages for Fannie Mae and Freddie Mac.

Assistant U. S. Attorney Pierre Armand said today in opening statements in Manhattan that, "Why did Countrywide do this? They did it for the money."

Intern death sparks concerns over long working hours

Intern death sparks concerns over long working hoursThe death of an intern working at Bank of America Merrill Lynch in London has parked concerns over the common culture of working long hours at top banks.

Moritz Erhardt, a 21 year old intern from Germany, was working with the US bank as part of his summer internship programme. The student was found dead in his student residence on August 15th after he reportedly worked until
6am three days in a row at Bank of America's investment banking division in the British Capital.

Justice Department files lawsuit against BOA

Justice Department files lawsuit against BOAThe Justice Department has filed a lawsuit against the Bank of America on Tuesday arguing that the bank by understating the risks of mortgages backing some $850 million in securities to the investors.

The latest lawsuit is another financial burden for the bank, which has been facing several mortgage-related losses and litigation since the collapse of the housing market in the US. Most of the legal challenges are a result of acquisition of the subprime lender Countrywide Financial by the bank in 2008 in the US.

Mukesh Ambani to leave BoA board in May

Mukesh Ambani to leave BoA board in MayIndian billionaire and chairman of Reliance Industries, c is set to step down form the board of directors of the Bank of America Corp in May.

Bank of America Corp, which is No. 2 U. S. bank, said that Mr. Ambani will step down from the board during the bank's annual shareholder meeting in May. Mr. Ambani had joined the board of the Bank of America in March 2011and offered a global business perspective to a bank with majorly American customers.

Bank of America reaches agreement to resolve claims

Bank of America reaches agreement to resolve claimsBank of America Corp has reached agreements to resolve major issues involving the bank following the crippling economic crisis.

S&P 500 increased about 13 per cent in 2012

S&P 500 increased about 13 per cent in 2012According to the latest data released, the S&P 500 index increased about 13 per cent during 2012 and experts say that the rise is expected to continue during the coming year.

Investment firm, Evercore Partners has named the shares of Bank of America as its top pick for among the large firms. The firms had changed the bank's rating to buy in August f previous year and the stock has since risen by an impressive 46 per cent.

Federal prosecutor sue Bank of America for $1 billion

Federal prosecutor sue Bank of America for $1 billionSenior federal prosecutor in the US has filed a lawsuit against the Bank of America for more than $1 billion on Wednesday for being involved in mortgage fraud against Fannie Mae and Freddie Mac during the time of the financial crisis.

U. S. Attorney Preet Bharara said that Countrywide Financial offered loans to people from 2007 to 2009 without making sure that they would be able to return the loans to the lender, which was later acquired by the Bank of America. It was also observed that the accusations laid against the bank are upfront.

Bank of America testing mobile payment technology

Bank-of-America-CorpThe Bank of America Corp is now testing a new technology that aims at allowing customers to make payments by just using their smarphones.

The bank is running a pilot test programe for a technology that would let customers make payments at store register by scanning an image using a smartphone like Apple’s iPhone and others running on Google’s Android platform.

Analysts reduce forecast of India growth

Analysts reduce forecast of India growthAnalysts at Goldman Sachs and Bank of America Merrill Lynch reduced their forecast for India's economic growth outlook on Friday, indicating increasing trouble for the emergingeconomy.

Goldman Sachs, BOA-Merrill Lynch cut India GDP forecast

Goldman Sachs, BOA-Merrill Lynch cut India GDP forecastGoldman Sachs and Bank of America-Merrill Lynch have reduced their respective GDP forecast for India after a similar move by Morgan Stanley earlier this week.

The downgrade comes at a time when the country’s economy is facing increased inflation and a falling national currency, which hit a new low against the dollar. Analysts at Goldman Sachs said that they are reducing gross domestic product forecast for India to 6.6 percent from 7.2 percent for the fiscal year ending in March 2013.

Bank of America posts earning of $3.2 billion for the first quarter

Bank-of-AmericaIt seems that the after recession, Bank of America Corp. has become the most impressive performer among the banks in US. It has registered an excellent first quarter growth in 2010.

The Bank of America Corp. has posted the first quarter earning of $3.2 billion. The Bank has recently published its financial report. It has also managed to get a hike of 28% in per share earning. This figure was much larger then the expected earning.

Jobless benefit planned by Bank of America

Bank-of-AmericaThe Charlotte, N. C.-based bank says that Bank of America wants to give customers collecting unemployment benefits a break on mortgage payments.

The Charlotte (N. C.) Observer has reported that under a proposed plan, the bank would give mortgage customers collecting unemployment benefits up to nine months with no mortgage payment. It was also reported that customers in the program would have to agree to sign over the house to the bank if they haven't found a job within those nine months.

The customers in the program will be given at least $2,000 by the bank.

Bank of America plans to eliminate overdraft fees for debit card customers

Bank of AmericaBank of America Corp. is all set to announce that it is eliminating the overdraft fees for its debit card customers. Currently the fee stands at around $35.

The bank took this step to keep itself one step ahead of new regulations by the Federal Reserve that restricts such charges. Federal Reserve has set the new rules to ban the banks from charging such fees without taking permission from the customers. The new rules will be effective from July 1.




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