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Bank of America Corp (BAC.N)

BAC.N on New York Stock Exchange

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21 Feb 2017
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Latest Key Developments (Source: Significant Developments)

Zurich Insurance proposes Catherine P. Bessant to join board of directors
Wednesday, 8 Feb 2017 11:50am EST 

Zurich Insurance Group Ag says : proposes Catherine P. Bessant for election to board of directors . election will take place at the Annual General Meeting on March 29, 2017 . Bessant has been Chief Operations and Technology Officer at Bank of America since 2010 . all the current board members will stand for re-election for another one-year term Further company coverage: [ZURN.S] (Reporting By Zurich newsroom) ((zurich.newsroom@thomsonreuters.com; +41 58 306 7336;)).  Full Article

Bank of America Q4 results press release
Friday, 13 Jan 2017 06:45am EST 

quarter earnings press release::.  Full Article

Bank of America reports Q4 EPS of $0.40
Friday, 13 Jan 2017 06:43am EST 

Bank Of America Corp : Bank of America reports Q4-16 net income of $4.7 billion, EPS of $0.40 . Qtrly noninterest expense declined 6%, or $849 million, to $13.2 billion . increases planned common stock repurchases for first-half 2017 by $1.8 billion to $4.3 billion . Qtrly non-interest income decreased 2% to $9.7 billion from $9.9 billion . Qtrly provision for credit losses declined to $774 million from $810 million . Qtrly revenue, net of interest expense, increased 2% to $20.0 billion from $19.6 billion . Qtrly net charge-off ratio decreased to 0.39% from 0.40% in Q3-16 . Qtrly total net charge-offs declined to $880 million from $888 million in Q3-16 . Q4 estimated CET1 ratio (Basel 3 standardized, fully phased-in) 11.5 percent versus 11.8 percent in Q3 . Qtrly net interest income (NII) increased 6% to $10.3 billion . "expect to see a significant increase in net interest income in the first quarter of 2017" . Bank of America CEO Moynihan says "we are lending more and seeing historically low charge-offs" . "recent rise in interest rates came too late to impact fourth-quarter results" . Q4 earnings per share view $0.38, revenue view $20.85 billion -- Thomson Reuters I/B/E/S Source (http://bit.ly/2jLKiuQ) Further company coverage: [BAC.N] ((Bangalore.newsroom@thomsonreuters.com;)).  Full Article

Lloyds leading bidder to buy BOFA’s UK credit card business- FT, citing sources
Sunday, 20 Nov 2016 01:44pm EST 

: Lloyds leading bidder to buy BOFA's UK credit card business- FT, citing sources Source http://on.ft.com/2g7qagW ((Bangalore.newsroom@thomsonreuters.com;)).  Full Article

Bank of America declares quarterly dividend of $0.075/share
Thursday, 27 Oct 2016 11:45am EDT 

Bank Of America Corp :Board of directors declared a regular quarterly cash dividend on bank of america common stock of $0.075 per share.  Full Article

Bank Of America says Merrill Lynch Wealth Management head John Thiel to step down
Thursday, 6 Oct 2016 12:00pm EDT 

Bank Of America Corp: Bank Of America announces Merrill Lynch Wealth Management leadership changes . Andy Sieg to succeed Thiel as head of Merrill Lynch Wealth Management . John Thiel, current head of Merrill Lynch Wealth Management, has decided to step down from his position .John Thiel will take on a new role as vice chairman of global wealth and investment management (GWIM), effective January 1, 2017.  Full Article

Bank of America plans to eliminate about dozen senior positions at its corporate and investment banking operations in Asia - Bloomberg, citing sources
Monday, 26 Sep 2016 06:48am EDT 

Bank Of America : Plans to eliminate about dozen senior positions at its corporate and investment banking operations in Asia - Bloomberg, citing sources .Reductions will involve managing directors and directors and will be spread across region ; could start as early as Wednesday - Bloomberg, citing sources.  Full Article

BofA says will change accounting method under FASB Accounting Standards Codification 310-20
Friday, 23 Sep 2016 08:30am EDT 

Bank of America Corp : Effective as of Q3, changing accounting method under FASB Accounting Standards Codification 310-20, Nonrefundable fees, other costs . Changing its accounting method related to certain debt securities carried at fair value and held-to-maturity - SEC filing . Under new accounting method, corporation will amortize premiums and accrete discounts over lives of debt securities . "corporation believes change in accounting method will reduce volatility of its reported net interest income" .To adjust unamortized premiums,unaccreted discounts based upon actual principal prepayments after amortizing premiums,accrete discounts.  Full Article

Bank of America reports 2nd-qtr EPS of $0.36
Monday, 18 Jul 2016 06:50am EDT 

Bank Of America : Bank Of America reports Q2-16 net income of $4.2 billion, EPS of $0.36 . Quarterly noninterest expense declined $465 million, or 3 percent, to $13.5 billion . Q2 total revenue, net of interest expense, (FTE basis) was $20.6 billion versus $22.2 billion . Q2 earnings per share view $0.33, revenue view $20.41 billion -- Thomson Reuters I/B/E/S . Q2 noninterest income $11,185 million versus $11,495 million last year . Estimated CET1 ratio (Basel 3 standardized, fully phased-in) 11.4 percent at Q2 end versus 11 percent at Q1 end . Q2 net charge-offs $985 million versus $1,068 million last year . Q2 net charge-off ratio 0.44 percent versus 0.49 percent last year . Qtrly provision for credit losses of $976 million, compared to $780 million . Q2 net interest income, was $9,213 million versus $10,461 million last year . Qtrly results include $0.6 billion (after tax), or $0.05 per share, in negative market-related NII adjustments .Qtrly results include $0.1 billion (after tax), or $0.01 per share, in negative net debit valuation adjustments.  Full Article

Bank of America says corporation changed basis of presentation of operations by eliminating legacy assets & servicing segment, effective April 1
Tuesday, 12 Jul 2016 07:34am EDT 

Bank of America Corp : Effective April 1, 2016, corporation changed its basis of presentation of operations by eliminating legacy assets & servicing segment . Segment realignment resulted in net $23 billion and $1 billion increase in consumer real estate loans held on balance sheet of consumer banking and all other, respectively, as of April 1, 2016 . Revenue, credit costs, expenses related to core and non-core loans, both owned and serviced for others, realigned to appropriate business segment or all other . To report results of operations through consumer banking, global wealth & investment management, global banking, global markets .To report remaining operations recorded in "all other".  Full Article

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Bank of America CEO Moynihan gets biggest payday yet

NEW YORK Bank of America Corp's board awarded Chief Executive Officer Brian Moynihan $20 million for his work last year, the largest pay package he has received since taking the helm of the bank in the aftermath of the 2008 financial crisis.