Bank of America Corp (BAC) Key Developments |
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Bank of America Corp (BAC)

BAC on New York Consolidated

27 Jun 2016
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Latest Key Developments (Source: Significant Developments)

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

Bank of America Corp - U.S. to charge Iran in cyber attacks against banks, New York dam-sources - Reuters News
Wednesday, 23 Mar 2016 05:30pm EDT 

Bank of America Corp:The Obama administration is expected to blame Iranian hackers as soon as Thursday for a coordinated campaign of cyber attacks in 2012 and 2013 on several U.S. banks and a New York dam, sources familiar with the matter have told Reuters. - RTRS.The Justice Department has prepared an indictment against about a half-dozen Iranians, said the sources, who spoke on condition of anonymity due to the sensitivity of the matter.The charges, related to unlawful access to computers and other alleged crimes, were expected to be announced publicly by U.S. officials as soon as Thursday morning at a news conference in Washington, the sources said.The indictment was expected to directly link the hacking campaign to the Iranian government, one source said.The banks will not be identified in the indictment due to fear of retaliation, the source said.The dam breach coincided roughly with a spate of distributed denial of service attacks in 2012 that hit more than a half dozen U.S. financial institutions and the two episodes were long suspected of being connected.Cyber security experts have said these, too, were perpetrated by Iranian hackers against Bank of America, JPMorgan Chase, Capital One, PNC Financial Services and SunTrust Bank.In the intrusion of the dam computers, the hackers did not gain operational control of the floodgates, and investigators believe they were attempting to test their capabilities.  Full Article

Bank of America Corp settles claims it cheated Merrill trainees out of overtime - Reuters News
Wednesday, 23 Mar 2016 12:03pm EDT 

Bank of America Corp:Bank of America Corp and its Merrill Lynch unit will pay $14 million to settle lawsuits claiming that they forced financial adviser trainees to work 60 hours and more per week, including on weekends, without paying them overtime. - RTRS.The settlement filed on Tuesday night in federal court in Manhattan resolves proposed class-action claims that U.S. bank violated the rights of roughly 9,500 trainees nationwide who worked for several weeks or months in its Practice Management Development program.Plaintiffs like Andrew Blum of Stuart, Florida; Zaq Harrison of Baltimore; Samuel Jorgenson in New York and Ronni Reiburn in New York claimed that Merrill regularly required them to work 10- to 14-hour days, attend client functions and work on weekends.They said the work was necessary because Merrill expected them to generate client leads, but that the failure to pay for their extra time violated the federal Fair Labor Standards Act.Bank of America spokesman Bill Halldin declined to comment on the settlement. The accord requires court approval. Justin Swartz, a lawyer for the plaintiffs, said the accord provides about $1,000 per class member, after legal fees.The plaintiffs' law firms, Outten & Golden and Shavitz Law Group, plan to seek $4.67 million in fees, or one-third of the settlement amount, court papers show.  Full Article

Bank of America Corp to fire at least 15 senior bankers in Asia - Bbg - Reuters News
Friday, 11 Mar 2016 08:23am EST 

Bank of America Corp:Bank of America Corp fired at least 15 senior bankers at its investment-banking unit in Asia this week, Bloomberg reported on Friday, citing people with knowledge of the matter - RTRS.Among those fired were three managing directors and 12 directors, Bloomberg reported.Wang Bing, a managing director in the China investment-banking business, and Patrick Steinemann, co-head of Asia industrials banking, are among executives leaving the bank, the people said.Most of the cuts came in Hong Kong, along with reductions in Singapore and Australia, the people said. Andrew Brown, a managing director responsible for coverage of top clients, also left, they said.The bank also eliminated junior positions and back-office jobs, the people said, without providing details on those cuts.Bank of America spokesman Paul Scanlon declined to comment on the report.  Full Article

Bank of America Corp - UBS, others reach $103 million muni bond rigging settlements - Reuters
Wednesday, 24 Feb 2016 10:38pm EST 

Bank of America Corp:UBS AG and five other banks and brokerages agreed to pay roughly $103 million to settle claims that they conspired to rig prices for U.S. municipal securities.Wednesday's accords include payments of $100.5 million to investors. Two of the defendants, France's Natixis SA and Societe Generale, also agreed to pay $2.8 million to resolve related claims by 21 U.S. states and Washington, D.C.If approved by a federal judge, the private settlements would end nearly eight years of class action litigation, and result in more than $226 million of payouts from 11 defendants, led by $44.6 million from JPMorgan Chase & Co.Several banks have during that time also agreed to pay more than $740 million, led by JPMorgan's $228 million, to resolve related probes by the U.S. Department of Justice and state regulators. At least 17 people were convicted or pleaded guilty, the Justice Department has said.Wednesday's private settlements included $32 mln with UBS, $28.45 mln with Natixis, $25.41 mln with Societe Generale, $9.75 mln with Piper Jaffray Cos, $3.5 mln with Royal Bank of Scotland Group Plc's National Westminster Bank, and $1.4 mln with George K. Baum & Co, court papers show.Other defendants that have settled with investors and regulators are Wells Fargo & Co WFC.N, Bank of America Corp BAC.N and General Electric Co GE.N, UBS has also settled with regulators, and Morgan Stanley MS.N with investors.  Full Article

Bank of America Corp - EU investigating possible rigging of debt market, sources say - Reuters
Wednesday, 10 Feb 2016 07:46am EST 

Bank of America Corp:EU antitrust regulators are investigating several banks for possible rigging of the $1.5 trillion government-sponsored bond market, two people familiar with the matter said on Wednesday - RTRS.The investigation is the latest in a series of actions against suspected wrongdoing in financial services, including alleged attempts to rig the markets for Libor and foreign exchange - RTRS.The European Commission has sent questionnaires asking about the price of supra-national, sub-sovereign and agency (SSA) debt to a number of market participants, the sources said, confirming a Financial Times report on Tuesday - RTRS.Debt issuers in this market includes the European Bank for Reconstruction and Development and agency borrowers such as the German-backed development bank KfW. Such bonds often covered by an implicit or explicit state guarantee - RTRS.IFR, a Thomson Reuters service, reported in January, quoting several sources, that four London-based traders of SSA debt were being investigated by the U.S. Department of Justice for possible manipulation of bond prices - RTRS.The sources said one worked at Bank of America Merrill Lynch, another at Credit Agricole, a third at Nomura and the fourth at Credit Suisse. All four had vacated their desks pending the outcome of the U.S. investigation, they said. The banks declined to comment at the time - RTRS.The FT said the EU probe probably started at the same time as Justice Department's. - RTRS.  Full Article

Bank of America Corp declares quarterly stock dividends
Thursday, 21 Jan 2016 10:17am EST 

Bank of America Corp:Sets regular quarterly cash dividend of $0.05 per share.  Full Article

Bank of America Corp reaches $335 mln settlement over mortgages, MERS - RTRS
Friday, 30 Oct 2015 07:15pm EDT 

Bank of America Corp:Bank of America Corp has reached a $335 million settlement of a federal lawsuit accusing it of misleading shareholders about its exposure to risky mortgage securities and its dependence on an electronic mortgage registry known as MERS - RTRS.Shareholders led by the Pennsylvania Public School Employees' Retirement System claimed they had been misled into buying Bank of America stock in 2009 and 2010, including stock sold to repay $45 billion of federal bailout money - RTRS.They said the Charlotte, North Carolina-based lender knew it could not raise enough capital had it revealed it might have to buy back billions of dollars of securities backed by risky loans, including from the former Countrywide Financial Corp - RTRS.Shareholders also said the bank knew that record keeping in Merscorp Inc's private Mortgage Electronic Registration Systems registry was so poor that it would not be able to legally foreclose on thousands of delinquent mortgages - RTRS.The bank has spent more than $70 billion since the financial crisis to resolve legal and regulatory matters, including those tied to its purchases of Countrywide in July 2008 and Merrill Lynch & Co six months later - RTRS.  Full Article

Bank of America Corp declares quarterly stock dividends
Thursday, 22 Oct 2015 10:42am EDT 

Bank of America Corp:Declared a regular quarterly cash dividend on Bank of America common stock of $0.05 per share.Payable on Dec. 24 to shareholders of record date as of Dec. 4.  Full Article


Goldman, Bank of America cut sterling forecasts

LONDON Bank of America Merrill Lynch and Goldman Sachs cut their near-term forecasts for sterling to just below current levels on Friday, both saying that further losses after last week's shock Brexit vote may be limited by the end of this year.