Bank of America

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Banks Seeking Cash Spur New Merger Round

Citigroup blows off BoA for Abu Dhabi, but it's just the beginning

(Newser) - An informal merger overture from Bank of America to cash-starved Citigroup was recently rejected, the Wall Street Journal reports, in favor of a smaller, $7.5 billion infusion from the Abu Dhabi government, approved by the bank today. But the offer, quickly disavowed by BoA, underscores the fact that a...

Tower Takes 2nd-Tallest NYC Honors
Tower Takes
2nd-Tallest
NYC Honors
Nov 28, 2007 4:10 PM CST

Tower Takes 2nd-Tallest NYC Honors

New BofA building outgrows Chrysler; only Empire State is taller

(Newser) - The Big Apple skyline’s getting a new No. 2, the New York Observer reports: Bank of America's new headquarters is set to overtake the Chrysler Building this week as runner-up to the Empire State Building. Luckily for the newcomer, height is traditionally marked at the “structural top”: The...

Dow Dips Below 13K
Dow Dips Below 13K
Nov 12, 2007 3:38 PM CST

Dow Dips Below 13K

Markets seesaw, close down

(Newser) - The Dow closed below 13,000 today after seesawing on bad news from the financial sector and falling oil prices. The Dow finished at 12,987.55, down 55.19, after E*Trade said further mortgage-related write-downs might come—and its shares dropped 56%. The Nasdaq slid 43.81 to close...

Big Banks Settle on Superfund Terms
Big Banks Settle on Superfund Terms
Nov 11, 2007 12:49 PM CST

Big Banks Settle on Superfund Terms

Paulson says fund will help, but analysts bearish on its prospects

(Newser) - The country’s top three banks have finalized agreements for the $75 billion superfund they hope will cushion further blows to the credit market, reports the NY Times. After nearly two months of haggling, Bank of America, Citigroup, and JPMorgan Chase agreed to simpler conditions than outlined in the fund’...

Shake-up Rocks I-Banking Unit After Deep Losses

Bank of America hires new unit president, announces lay-offs

(Newser) - After last week’s dismal report card for its investment arm, Bank of America replaced that unit’s president and announced a slate of reforms to recharge the business. Gene Taylor abruptly retired and will be replaced by Brian Moynihan, the bank’s president of Global Wealth and Investment Management,...

Bank of America Takes 32% Third-Quarter Dive

Investment division, big write downs, sink quarter

(Newser) - Bank of America today reported a whopping 32% drop in third-quarter net income, thanks to steep trading losses, write-downs to cover loan defaults, and larger set-asides to cover credit losses. Unlike many competitors, the nation's second-largest bank hadn’t issued loss guidance.

Banks to Form $100B Fund to Back Mortgage Securities

Critics say plan is unnecessary, only helps Citigroup

(Newser) - Citigroup and other major banks are banding together to create a $100-billion fund to buy back shaky mortgage securities in order to contain the threat of their undermining the markets and hurting the economy. The unprecedented project, pooling money from banks like JP Morgan and Bank of America, has been...

Sallie Mae Sues Spooked Suitors
Sallie Mae Sues Spooked Suitors
Oct 9, 2007 5:45 AM CDT

Sallie Mae Sues Spooked Suitors

Student-loan giant refuses to renegotiate $25B buyout deal

(Newser) - College student lender Sallie Mae is suing a group of private equity firms and banks that are backing out of a $25-billion buyout deal. The group—J.C. Flowers & Company, Friedman Fleischer & Lowe, JP Morgan Chase and Bank of America—had set a deadline of today for negotiating...

Stocks Down, Led by Financials
Stocks Down, Led by Financials
Sep 24, 2007 3:44 PM CDT

Stocks Down, Led by Financials

Financial and energy companies led the way

(Newser) - The stock market took a dip today after an IMF report predicted that credit markets may not “normalize" soon and will slow global economic growth. Financial and energy companies helped pull the Dow down 61.13 points to 13,759.06. Citigroup, Bank of America and JPMorgan Chase all...

Banks Go Dutch on ABN Buy
Banks Go Dutch on ABN Buy
Sep 14, 2007 5:33 AM CDT

Banks Go Dutch on ABN Buy

Royal Bank of Scotland consortium expected to succeed with hostile bid

(Newser) - The race to buy Dutch bank ABN Amro is in the final stage—with a consortium led by the Royal Bank of Scotland apparently on the inside track ahead of  Barclays. The consortium has already won agreement from ABN and the Dutch government, but has yet to raise the $99...

Bank of America Ups ATM Charges
Bank of America Ups ATM Charges
Sep 13, 2007 1:07 PM CDT

Bank of America Ups ATM Charges

Non-customers will have to pay $3; other banks are likely to follow

(Newser) - Bank of America has raised its ATM surcharge to $3 for non-customers—and other banks' are likely to follow. That's the highest surcharge in America, and it affects millions, because BoA has the largest ATM network in the country, USA Today reports. Expect the hike to be contageous: "Banks...

Stocks Stall Amid Continued Anxiety
Stocks Stall Amid Continued Anxiety
Aug 23, 2007 4:33 PM CDT

Stocks Stall Amid Continued Anxiety

Traders watch, wait as Fed weighs interest rate cut

(Newser) - The Dow dipped a quarter-point to close at 13,235.88 today as investors continue to fret over the possibility of a Fed interest rate cut. The S&P 500 dropped 1.57 to 1,462.5, and the Nasdaq fell 11.10 to 2,541.70. Home Depot led...

World Markets Climb After Countrywide Stock Sale

US futures also up as worries cool

(Newser) - Markets climbed worldwide after Bank of America invested $2 billion in Countrywide, giving the mortgage lender a desperately needed injection of cash and proving some appetite is left as subprime mortgages continue to rot. Barclays in the U.K., Mitsubishi in Japan, and Countrywide itself in Europe all saw major...

Bank of America Bails Out Countrywide

Lender avoids disaster as bank buys $2 billion in cut-rate shares

(Newser) - Countrywide came back from the brink yesterday as Bank of America bought $2 billion in preferred stock in the mortgage company, writes the Los Angeles Times. Countrywide's share price soared in after-hours trading, only a week after the credit crunch brought it to the point of bankruptcy.

Top Banks Borrow $2B From Fed
Top Banks Borrow $2B From Fed
Aug 23, 2007 5:12 AM CDT

Top Banks Borrow $2B From Fed

Bid to encourage other banks to borrow to shore up credit markets

(Newser) - America's biggest banks—Citigroup, Bank of America, J.P.Morgan Chase and Wachovia— have borrowed a total of $2 billion from the Federal Reserve at the government's so-called discount window. It's an attempt to shore up the faltering credit markets by encouraging smaller banks to borrow from the Fed without...

Online Brokers Play 'Let's Make a Deal'

E*Trade, Ameritrade renew talks on merger that could jolt industry

(Newser) - Though past merger talks were never consummated, online stockbrokers E*Trade and TD Ameritrade are again in "serious discussions" over a union, the Wall Street Journal reports. A consolidation would create a dominant player in online trading, reducing competition and perhaps ratcheting up costs for consumers. One source estimates the...

Japan Pumps Cash Into Market
Japan Pumps Cash Into Market
Aug 13, 2007 12:16 AM CDT

Japan Pumps Cash Into Market

Interest rate hikes unlikely

(Newser) - The Bank of Japan pumped $5.1 billion into the Japanese financial system today as the  global credit crunch continued to ripple through the Asian markets, Bloomberg reports. Adding to the jitters, Japan's growth is slowing more markedly than economists predicted; the world's second-largest economy expanded by only 0.5%...

Outlook Bearish for Bear Sterns Hedge Funds

Managers scramble after creditors nix bailout plan

(Newser) - Two major Bear Stearns hedge funds that once controlled more than $20 billion in assets are on the brink of collapse after disastrous losses in securities backed by subprimes. The Journal reports a bailout plan that would have kept the funds afloat fractured last night, and the consequences could ripple...

ABN Turns Down RBS Spoiler Offer
ABN Turns Down RBS Spoiler Offer
May 7, 2007 8:01 AM CDT

ABN Turns Down RBS Spoiler Offer

Dutch bank rejects $24 billion bid for LaSalle as no better than BofA's

(Newser) - Dutch bank ABN Amro has rebuffed a $24 billion offer for its American nephew LaSalle, from a consortium led by the Royal Bank of Scotland. ABN says the bid was no better than a previous one from Bank of America, and that the Scots had ignored "repeated requests for...

Loan Giant Sallie Mae Goes Private
Loan Giant Sallie Mae Goes Private
Apr 17, 2007 8:37 AM CDT

Loan Giant Sallie Mae Goes Private

Nation's largest student lender is sold for $25 billion

(Newser) - A group of investors is buying student lending giant Sally Mae for $25 billion, even as Capitol Hill debates reducing federal subsidies for student loans. The company—which began as a quasi-public agency—will be taken private by Bank of America, JPMorganChase, and private equity houses J. C. Flowers and...

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