Bank of America

Bank of America Corp is one of the United States’ largest bank holding companies by assets. Its acquisition in 2008 of Merrill Lynch made Bank of America the world's largest wealth management corporation and a major player in the investment banking market.


US banks' third-quarter profit seen mixed

Morgan Stanley probably generated more revenue than Goldman Sachs for the first time in two years.

Morgan Stanley, Bank of America and Wells Fargo are poised to report a jump in earnings that may surprise some investors fixated on a slump in trading and mortgage lending.

Wednesday, 9 October, 2013, 4:47am

Bank of America to lay off thousands in mortgage business

Bank of America is the third-largest mortgage lender in the United States. Photo: Reuters

Layoffs at Bank of America’s mortgage business will amount to about 2,100 positions, a source told Reuters on Monday, in response to weak refinancing activity.

The downsizing reflects the second-largest US bank’s “ongoing efforts to streamline our facilities and align our cost structure with market realities,” Bank of America said in a statement.

10 Sep 2013 - 10:28am

US bank to exit CCB in US$1.5b share sale

U.S. bank to exit CCB in US$1.5b share sale

Bank of America yesterday launched a US$1.49 billion share sale in China Construction Bank to offload its entire stake in China's second-largest bank by market value.

4 Sep 2013 - 12:03pm

Bank intern’s death raises questions over workaholic race to wealth

Critics are questioning the work culture of banks after the death of an intern with Bank of America Merrill Lynch. Photo: Reuters

The death of an intern working at the London offices of Bank of America Merrill Lynch has prompted calls for city firms to take more responsibility for the ambitious graduates who push themselves to the limit to secure jobs at the world’s top banks.

22 Aug 2013 - 11:20am 1 comment

RBS branch bidders push for speedy deal, promise growth

A US government case against Bank of America is set for trial on September 23. Photo: Reuters

A federal judge has endorsed a broad interpretation of a savings-and-loan era law that the US Justice Department is trying to use in cases against Wall Street banks.

20 Aug 2013 - 10:42am

BofA profit jumps on cost-cutting; shares climb

Bank of America said it is on track to meet its goal of saving US$8 billion a year. Photo: Reuters

Bank of America posted a bigger-than-expected 70 per cent jump in quarterly profit on Wednesday, helped by aggressive cost-cutting, as Chief Executive Brian Moynihan’s turnaround efforts showed early signs of paying off.

18 Jul 2013 - 10:57am

Tiger Asia was looking after its clients, not insider dealing

Bill Hwang, founder of Tiger Asia Management LLC. Photo: Bloomberg

Let's get on this horse again. Leaving aside the fact that the Securities and Futures Commission wants to punish Tiger Asia for dealing on inside information without first proving it guilty, was there any insider dealing here anyway?

5 May 2013 - 2:51am 9 comments

US home prices set for 8pc surge, says Bank of America report

A shortage of homes for sale is pushing up prices. Photo: AFP

Low interest rates, a tight inventory of properties for sale and record affordability are fuelling accelerated price gains, Michelle Meyer, a Bank of America economist, and Chris Flanagan and Justin Borst, mortgage-backed securities strategists, said in a note to investors entitled "Someone say house party?"

13 Mar 2013 - 5:06am

Earnings of top US lenders bring little joy

Bank of America yesterday said its profit dropped 63 per cent.

Bank of America yesterday said its profit dropped 63 per cent as costs mounted from faulty foreclosures and flawed home loans while Citigroup reported a profit increase that was less than analysts estimated.

18 Jan 2013 - 5:27am

Bank of America set to sign lease at Cheung Kong Center

The Cheung Kong Center is prime office space. Photo: Bloomberg

Bank of America is close to agreeing to lease almost 150,000 square feet of prime office space in Cheung Kong Center, as competition among landlords in Central increases with rising vacancy rates.

Under the plan, the bank will occupy seven floors in the Center, according to two people familiar with the transaction.

8 Dec 2012 - 3:46am

Royal Bank of Canada, Societe Generale subpoenaed in Libor probe

Nine more banks, including Royal Bank of Canada, had been subpoenaed to the Libor investigation. Photo: Bloomberg

Societe Generale, Royal Bank of Canada and Bank of America are among nine additional banks that were subpoenaed in New York and Connecticut's probe of alleged manipulation of Libor, a person familiar with the matter said.

27 Oct 2012 - 3:42am

Briefs, October 18, 2012

Hong Kong Air Cargo Terminals said its cargo traffic rose 2.1 per cent in the third quarter from the same period a year ago.

Bank of America's net profit falls 95pc

18 Oct 2012 - 4:47am

Business Digest, September 17, 2012

Lawrence Ho Yau-lung

Beijing to release plan on financial reform

17 Sep 2012 - 2:15am

Staff bonuses and perks slashed after tough 2011

Investment banks slashed the 2011 bonuses paid to staff in Asia by 30 to 40 per cent from 2010 payouts, and scrapped some non-cash benefits including housing allowances and free home leave for expatriate employees.

The cuts come as a weak trading environment and a thin pipeline of deal making cloud the earnings outlook for the current year.

13 Feb 2012 - 12:00am

Lai See

HSBC comes out on top in battle of the brands

3 Feb 2012 - 12:00am