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Bank of America Corp (BAC)

BAC on New York Consolidated

24.70USD
25 Sep 2017
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$-0.32 (-1.28%)
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Latest Key Developments (Source: Significant Developments)

UK's CMA looks at Lloyd's anticipated purchase of MBNA from Bank of America
Thursday, 16 Mar 2017 11:00am EDT 

UK's CMA (Competition and Markets Authority):Considering whether anticipated acquisition by Lloyds Banking Group Plc of MBNA Limited has resulted in creation of a relevant merger.  Full Article

Bank of America Corp says credit card charge-off rate was 2.51 percent in January
Wednesday, 15 Feb 2017 10:10am EST 

Bank Of America Corp : Credit card charge-off rate was 2.51 percent in January versus. 2.54 percent in December .Credit card delinquency rate was 1.60 percent at January end versus 1.56 percent at December end - SEC filing.  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

Bank of America authorized repurchase of $5 bln of common stock
Wednesday, 29 Jun 2016 04:43pm EDT 

Bank of America Corp : Plans to increase quarterly dividend paid on shares of corporation's common stock to $0.075 per share . Authorized repurchase of $5 billion of corporation's common stock from July 1, 2016 . Board has authorized repurchase of $5 billion of corporation's common stock from July 1, 2016 through June 30, 2017 .Common stock repurchase authorization replaces board's prior common stock repurchase authorization that expires on June 30, 2016.  Full Article

FINRA fines Merrill Lynch $5 mln for failing to disclose material facts
Thursday, 23 Jun 2016 10:05am EDT 

: FINRA fines Merrill Lynch $5 mln for failing to disclose material facts in sales of volatility-linked structured notes to retail customers .FINRA - Found that Merrill Lynch did not adequately disclose execution factor in offering documents or sales material.  Full Article

Bank of America axe hovers over thousand of retail jobs - FT
Wednesday, 15 Jun 2016 04:54am EDT 

As Many As 8,000 More Jobs Are Set To Go At Bank Of America's Consumer Arm : Ft .Ft.  Full Article

MOVES-Bank of America promotes Jim O'Neil to co-head of CIB EMEA - memo

LONDON, Sept 20 Bank of America Merrill Lynch has promoted Jim O'Neil to co-head its corporate and investment bank in Europe, Middle East and Africa (EMEA), according to a memo seen by Reuters on Wednesday.