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Bank of America Corp (BAC)

BAC on New York Consolidated

23.80USD
21 Jul 2017
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Latest Key Developments (Source: Significant Developments)

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

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 settles lawsuit over military loans for $42 mln

Bank of America has agreed to pay $42 million to military families across the country to resolve allegations that it failed to give them reduced interest rates on credit cards and mortgages required by federal law.