Bank of America Corp (BAC) Key Developments | Reuters.com
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Bank of America Corp (BAC)

BAC on New York Consolidated

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1 Jul 2016
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Latest Key Developments (Source: Significant Developments)

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

Bank of America Corp - JPMorgan Chase & Co, Morgan Stanley and Barclays Plc pay most in $1.9 bln swaps price-fixing settlement - Reuters
Thursday, 15 Oct 2015 08:00pm EDT 

Bank of America Corp:JPMorgan Chase & Co, Morgan Stanley & Barclays Plc will pay over half of a more than $1.86 bln settlement resolving investor claims they conspired to fix prices and limit competition in the market for credit default swaps, according to a court filing -RTRS.Details of the settlement's breakdown with those and nine other banks were disclosed in papers filed late on Friday, in federal court in Manhattan, a month after the proposed deal was first announced -RTRS.JPMorgan will pay $595 mln, while Morgan Stanley & Barclays will pay $230 mln & $178 million, respectively, according to the filings -RTRS.The defendants in the case include Bank of America Corp, BNP Paribas SA, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group, HSBC Holdings, Morgan Stanley, Royal Bank of Scotland Group & UBS AG -RTRS.Goldman Sachs, Bank of America & Credit Suisse are set to pay about $164 mln, $90 mln and $159 mln, while Deutsche, Citi and BNP Paribas will pay $120 mln, $60 mln & $89 mln - RTRS.British banks HSBC and Royal Bank of Scotland will pay $25 mln & $33 mln -RTRS.The International Swaps and Derivatives Association will pay $750,000, while Markit Ltd, which provides credit derivative pricing services, will pay $45 mln -RTRS.US & European regulators have also examined potential anti-competitive practices in the CDS market -RTRS.Investors include the Los Angeles County Employees Retirement Association and Salix Capital US Inc -RTRS.  Full Article

Bank of America Corp declares dividend on series l preferred stock, series y preferred stock, and series z preferred stock
Friday, 18 Sep 2015 10:00am EDT 

Bank of America Corp:Authorizes regular quarterly cash dividend of $18.125 per share on 7.25 percent Non-Cumulative Perpetual Convertible Preferred Stock, Series L.Payable on Oct. 30 to shareholders of record as of Oct. 1.Authorized a regular quarterly cash dividend of $0.40625 per depositary share on the 6.50 percent Non-Cumulative Preferred Stock, Series Y.Payable on Oct. 27 to shareholders of record as of Oct. 1.Authorized a regular semi-annual cash dividend of $32.50 per depositary share on the Fixed-to-floating Rate Non-Cumulative Preferred Stock, Series Z.Payable on Oct. 23 to shareholders of record as of Oct.1.  Full Article

Big banks including Bank of America Corp in $1.865 bln swaps price-fixing settlement - Reuters
Thursday, 10 Sep 2015 08:00pm EDT 

Bank of America Corp:Twelve major banks have reached a $1.865 billion settlement to resolve investor claims that they conspired to fix prices and limit competition in the market for credit default swaps, a lawyer for the investors said on Friday - Reuters.The settlement in principle was disclosed at a hearing before U.S. District Judge Denise Cote in Manhattan - Reuters.The defendants include Bank of America Corp, Barclays Plc, BNP Paribas SA, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc, HSBC Holdings Plc, JPMorgan Chase & Co, Morgan Stanley, Royal Bank of Scotland Group Plc and UBS AG - Reuters.Other defendants are the International Swaps and Derivatives Association (ISDA) and Markit Ltd, which provides credit derivative pricing services - Reuters.Credit default swaps are contracts that let investors buy protection to hedge against the risk that corporate or sovereign debt issuers will not meet their payment obligations - Reuters.The market peaked at $58 trillion in 2007, according to the Bank for International Settlements, but shrank to $16 trillion seven years later as investors better understood its risks - Reuters.Investors including the Los Angeles County Employees Retirement Association and Salix Capital US claimed that the defendants' activity caused them to pay unfair prices on CDS trades from late 2008 through the end of 2013, even though improved liquidity should have driven costs down - Reuters.  Full Article

Miami mortgage lawsuits vs Bank of America Corp, Citigroup, Wells Fargo are revived - Reuters
Monday, 31 Aug 2015 08:00pm EDT 

Bank of America Corp:A federal appeals court on Sep.1 revived three lawsuits in which the City of Miami accused Wells Fargo & Co , Bank of America Corp and Citigroup Inc of predatory mortgage lending to black and Hispanic borrowers - Reuters.The 11th U.S. Circuit Court of Appeals said a lower court erred in dismissing the city's claims under the federal Fair Housing Act - Reuters.Miami had accused the banks of steering non-white borrowers into higher-cost loans they could not afford - Reuters.It said the process, sometimes called reverse redlining, went on for a decade - Reuters.Writing for a three-judge appeals court panel, however, Circuit Judge Stanley Marcus said the district judge applied too stringent a standard, and that there was enough of a connection to let the lawsuits proceed - Reuters.Wells Fargo spokesman Tom Goyda said the San Francisco-based bank was disappointed in the outcome - Reuters.Bank of America spokesman Rick Simon said that bank was reviewing its decision and considering its options - Reuters.Citigroup spokesman Mark Rodgers declined to comment - Reuters.  Full Article

Bank of America Corp pledged to increase current environmental business initiative from $50 billion to $125 billion in low-carbon business by 2025
Monday, 27 Jul 2015 08:30am EDT 

Bank of America Corp:Says Pledged to increase current environmental business initiative from $50 billion to $125 billion in low-carbon business by 2025.Initiative through lending, investing, capital raising, advisory services,developing financing solutions for clients around the world.  Full Article

Bank of America Corp declares quarterly stock dividends
Thursday, 23 Jul 2015 11:09am EDT 

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

Bank of America CFO Bruce Thompson steps down
Wednesday, 22 Jul 2015 06:56pm EDT 

Bank of America:Chief Financial Officer Bruce Thompson has decided to step down as chief risk officer and chief financial officer.  Full Article

Bank of America declares quarterly dividend on Series L and Series Y Preferred Stock
Friday, 19 Jun 2015 09:00am EDT 

Bank of America Corp:Authorized a regular quarterly cash dividend of $18.125 per share on the 7.25 percent Non-Cumulative Perpetual Convertible Preferred Stock, Series L.The dividend is payable on July 30 to shareholders of record as of July 1.Board also authorized a regular quarterly cash dividend of $0.40625 per depositary share on the 6.50 percent Non-Cumulative Preferred Stock, Series Y.The dividend is payable on July 27 to shareholders of record as of July 1.  Full Article

Global banks including Bank of America Corp admit guilt in forex probe, fined nearly $6 billion - Reuters
Wednesday, 20 May 2015 06:28pm EDT 

Bank of America Corp:Four banks pleaded guilty to trying to manipulate foreign exchange rates and, with two others, were fined nearly $6 billion in another settlement in a global probe - Reuters.Citigroup, JPMorgan Chase, Barclays Plc, UBS AG and Royal Bank of Scotland Plc were accused by U.S. and UK officials of brazenly cheating clients to boost their own profits using invitation-only chat rooms and coded language to coordinate their trades.All but UBS pleaded guilty to conspiring to manipulate the price of U.S. dollars and euros exchanged in the FX spot market.UBS pleaded guilty to a different charge.Bank of America Corp was fined but avoided a guilty plea over the actions of its traders in chatrooms.The misconduct occurred until 2013, after regulators started punishing banks for rigging the London interbank offered rate (Libor).The settlements stood out in part because the U.S. Department of Justice forced Citigroup's main banking unit Citicorp, and the parents of JPMorgan, Barclays and Royal Bank of Scotland to plead guilty to U.S. criminal charges.The U.S. central bank fined six banks for unsafe and unsound practices in the foreign exchange markets, including a $205 million fine for Bank of America.  Full Article

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Global M&A declines in second quarter as mega deals seen too risky

NEW YORK/LONDON The value of announced mergers and acquisitions (M&A) worldwide dropped by a third in the second quarter of 2016, as a wave of transactions were abandoned in the wake of concerns over regulatory and tax risks or national security. | Video