All Posts Tagged With: "Bank of America Corp. (BAC)"
Fifth Third Bancorp (NYSE: FITB) Shows Increasing Loan Modifications and Lower Deposit Fee Revenue
As consumers face the stress of foreclosure, Fifth Third Bancorp (FITB) has recently reported that their government modification conversion rate was above 70 percent – more than double the national average. At the same time, the bank is projecting a $20 million reduction in quarterly deposit fee revenue as a result of recent legislation that [...]
Capital One (NYSE: COF) and Bank of America (NYSE: BAC) Showing Greater Transparency to Credit Card Applicants
In a recent study by CardHub.com, Capital One (COF) and Bank of America (BAC) came in first and second in terms of disclosing essential information to consumers on their credit card applications. One of the primary catalysts for the recently passed credit card law (Credit CARD Act) has been the need for greater transparency between [...]
Citibank (NYSE: C) and Bank of America (NYSE: BAC) Rank in Top 10 For Cyber Attacks
A recent U.S.A Today article reports that Citibank (C) and Bank of America Corp. (BAC) rank third and seventh respectively among the top 10 most frequently attacked banks in the world. There is growing concern over identity theft and cyber-security. Particularly when about 80% of U.S. households do at least some of their banking over [...]
Bank of America’s (NYSE: BAC) Grant Initiative Commits $10 Million to Boost Small Business Lending
Bank of America Corp. (BAC) has announced a $10 million grant commitment to nonprofit organizations that lend to small and rural businesses. The grants, for use as loan loss reserves, may unlock as much as $100 million in low-cost, long-term capital for small business microloans nationwide over the next 12 months. A host of nonprofit [...]
Bank of America Corp. (NYSE: BAC) and Goldman Sachs (NYSE: GS) Make Different Public Statements to Address Private Equity Exposure
The Wall Street Journal is reporting that Bank of America Corp. (BAC) is in the process of selling on the secondary market $1.2 billion in commitments made to funds managed by Warburg Pincus LLC, according to several people familiar with the transaction. The sale is part of an ongoing effort by the bank to reduce [...]
Wells Fargo (NYSE: WFC) CFO “Very Pleased” with Q2 Financial Performance
Wells Fargo (WFC) CFO Howard Atkins said management was “very pleased” with financial performance. The San Francisco-based bank reported 2nd quarter earnings on Wednesday that were well above Wall Street’s earnings expectations. Revenue came in precisely in line with forecasts. “While economic recovery in the U.S. and abroad remained uneven, Wells Fargo earned record net [...]
Bank of America Corp. (NYSE: BAC) Details Impact of Durbin Amendment, But Regionals May Feel the Most Pain
One piece of the financial reform legislation that passed through both houses of Congress last week included the Durbin amendment. But despite the headlines being made by large banks such as Bank of America (BAC), it is regional banks that may suffer the most. The Durbin amendment, as it’s known for Sen. Richard Durbin, D-Ill., [...]
Analysts Trim Outlook for Bank of America Corp. (NYSE: BAC) – Stock Drops 4%
Upon further review of Bank of America Corp’s. (BAC) earning announcement last week, analysts are taking a more critical review. MarketWatch is reporting that several analysts cut their price targets for the bank Monday morning. Most notably, Goldman Sachs (GS) pulled Bank of America from its conviction buy list but maintained a buy rating on [...]
Returning to Risk? Bank of America Corp. (NYSE: BAC) Said to Market $300 Million CLO for Tetragon
Bloomberg News is reporting that Bank of America Corp. (BAC) is arranging a $300 million collateralized loan obligation (CLO), according to people familiar with the situation. LCM Asset Management LLC, a $2.35 billion investment firm, will manage the CLO, a form of collateralized debt obligation that bundles high-yield, high-risk loans and slices them into securities [...]
Decreasing Credit Losses Allow Citigroup (NYSE: C) to Post Second Consecutive Profitable Quarter
As reported on CNNMoney.com, Citigroup (C) posted second-quarter earnings of $2.7 billion Friday. The financial giant cited improving credit trends as a reason for their second consecutive profitable quarter. Earnings came in at 9 cents per share. Analysts polled by Thomson Reuters expected the company to earn 5 cents for the quarter. Citigroup’s consumer businesses [...]
Bank of America Corp. (NYSE: BAC) facing $10 billion hit from financial regulation bill
MarketWatch is reporting that Bank of America Corp. (BAC) is preparing to sustain a multibillion-dollar hit from the impending overhaul of U.S. financial regulations. According to the financial giant, debit-card fee rules could trigger a $10 billion goodwill impairment in third quarter. The bill, which was approved in the House and Senate on Thursday, will [...]
J.P. Morgan Chase (NYSE: JPM), Bank of America Corp. (NYSE: BAC) and Citibank (NYSE: C) are Ready to Report, But Will They Make the Grade?
It’s earnings season, and that means a slew of reports that give a snapshot into the health of corporations, including many of the top banks. Beginning tomorrow with JPMorgan Chase (JPM) and continuing on Friday with Bank of America Corp. (BAC) and Citibank (C), analysts are expecting to see optimistic earnings. But will that be [...]
J.P. Morgan Chase (NYSE: JPM) and Bank of America (NYSE: BAC) Continue to Hold Top Spots in Derivative Exposure. But What Does it Mean?
According to the Office of the Comptroller of the Currency, J.P. Morgan Chase (JPM) and Bank of America Corp. (BAC) hold $123 trillion of derivative positions. J.P. Morgan Chase holds the top spot with $76.4 trillion, while Bank of America Corp. is second with 46.6. The next two spots are held by Citibank (C) and [...]
Shares Of JP Morgan (NYSE: JPM), Bank Of America (NYSE: BAC) Jump On Bank Reform Approval
The financial sector jumped 3.6 percent on Friday as investors celebrated the U.S. Senate’s approval of financial reform legislation. The bill received an approval vote of 59-39, marking the first major step for the legislation after several months of debate. Banking stocks and the like jumped on the news. JP Morgan Chase (NYSE: JPM) was [...]
U.S. District Judge Kevin Castel Assigned to Bank of America Corp. (NYSE: BAC) Cases – Including Merrill Lynch & Co. Takeover
The Wall St. Journal is reporting that U.S. District Judge Kevin Castel will preside over the 15 pending civil shareholder cases involving Bank of America Corp. (BAC). The most prominent of these cases currently before the U.S. district court in Manhattan is a consolidated complaint alleging the bank failed to disclose billions in Merrill losses [...]
J.P. Morgan Chase (NYSE: JPM) Taking “Second Look”. But Are Businesses Looking Back?
When a bank in the year 2010, particularly a bank that has been branded as “too big to fail”, runs an ad pledging a commitment to lend $10 billion to small businesses, it doesn’t take long for the fact checkers to try to verify the unverifiable. And so it is that, months after running a [...]
JPMorgan Chase (NYSE: JPM) Looks to Capitalize on WaMu Purchase. Growing Business Banking Presence in Pacific Northwest
Questions still follow JPMorgan Chase regarding their purchase of Washington Mutual in 2008. But they clearly have ideas on leveraging the purchase to expand their reach. Chase has injected a new dose of competition into the Pacific Northwest. They are creating eight new commercial banking teams that will stretch across Washington Mutual’s former footprint. WaMu [...]
Ex-Dupont CEO Named Chairman of the Board for Bank of America Corp. (NYSE: BAC)
Bank of America Corp. (BAC) directors chose as chairman former DuPont Co. Chief Executive Charles O. Holliday Jr., elevating a close adviser to the giant bank’s new top boss. The move, which came after the Charlotte, N.C., company’s annual shareholder meeting Wednesday, partly reflects Mr. Holliday’s experience running a sprawling global company, according to people [...]
The More Things Change? Bank of America Corp. (NYSE: BAC) Shareholders Approve 1 of 6 Proposals
At the Bank of America Corp. (BAC) annual meeting on Wednesday, investors peppered Chief Executive Officer Brian Moynihan with questions and complaints about its lending policies and dividend. Still, when it came to proposals that included an advisory vote on executive compensation, an annual so-called “say on pay” and a proposal that the board should [...]
Decision Near on New Bank of America (NYSE: BAC) Chairman
The Wall St. Journal is reporting that Bank of America Corp. (BAC) directors Frank Bramble and Charles Holliday are the leading contenders to become chairman this week, according to people familiar with the situation. Mr. Bramble, 61 years old, is a former vice chairman of MBNA Corp., a credit-card issuer bought by Bank of America [...]
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