https://www.scmp.com/rss/271691/feed 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. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Hong Kong’s Securities & Futures Commission has reprimanded and fined two units of Merrill Lynch HK$15 million (US$2 million) for lapses in the internal controls of their electronic trading system. The fine was imposed on Merrill Lynch Far East Limited and Merrill Lynch (Asia Pacific) during a fourth-quarter review in 2016, which found failures in the disclosure of large futures position going as far back as 10 years, as well as the distribution of research reports, the SFC said in a... https://www.scmp.com/business/companies/article/2081894/sfc-fines-merrill-lynch-units-hk15m-internal-control-lapses?utm_source=rss_feed https://www.scmp.com/business/companies/article/2081894/sfc-fines-merrill-lynch-units-hk15m-internal-control-lapses?utm_source=rss_feed Fri, 24 Mar 2017 10:43:53 +0000 The US$4.3 billion in civil settlements struck on Wednesday between six global banks and US and British authorities over foreign exchange market manipulation sets the stage for negotiations over related probes that could bear much more severe consequences. Citigroup, UBS, HSBC, Royal Bank of Scotland, JP Morgan Chase and Bank of America agreed to make the payment to settle civil claims that they failed to stop traders from trying to rig the foreign exchange market. But the deal did not resolve... https://www.scmp.com/business/article/1638660/us-and-uk-forex-probes-could-bring-more-pain-banks?utm_source=rss_feed https://www.scmp.com/business/article/1638660/us-and-uk-forex-probes-could-bring-more-pain-banks?utm_source=rss_feed Thu, 13 Nov 2014 03:15:00 +0000 Many Hong Kong-based employees of Asian financial companies, including mainland banks and securities firms that have expanded their offshore business in the city in recent years, may enjoy a better bonus season this year than their peers at Western banks. Financial executives at the Hong Kong offices of several mainland firms, including Haitong Securities and China Merchants Securities, said they had received year-end bonuses that doubled their salary late last month or in the first week of this... https://www.scmp.com/business/banking-finance/article/1399613/hong-kong-employees-asian-banks-expecting-strong-bonus?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1399613/hong-kong-employees-asian-banks-expecting-strong-bonus?utm_source=rss_feed Tue, 07 Jan 2014 01:55:35 +0000 Bank of America's decision to sell its remaining shares in China's second-largest bank does not appear to have damaged the United States bank's plans to expand its own business on the mainland. Bank of America Merrill Lynch, the global banking and markets arm of Bank of America, is looking to build up its suite of mainland trade and supply chain finance products. "Expanding our supply chain finance platform with innovative solutions and broader geographic reach is a critical element of our... https://www.scmp.com/business/banking-finance/article/1306563/us-lender-pushes-china-expansion?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1306563/us-lender-pushes-china-expansion?utm_source=rss_feed Sun, 08 Sep 2013 16:00:00 +0000 Lawyers for hundreds of black financial advisers have reached a US$160 million settlement in a lawsuit accusing Wall Street brokerage giant Merrill Lynch of racial discrimination, a plaintiffs’ attorney said Wednesday. If approved by a federal judge in Chicago, the payout by Merrill Lynch to around 1,200 plaintiffs would be one of the largest ever in a racial discrimination case, Chicago-based attorney Suzanne E. Bish said. Speaking from his Merrill Lynch office in Dallas, one of the first... https://www.scmp.com/business/banking-finance/article/1300288/brokerage-giant-settles-discrimination-lawsuit?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1300288/brokerage-giant-settles-discrimination-lawsuit?utm_source=rss_feed Thu, 29 Aug 2013 01:56:38 +0000 EU watchdogs have charged 13 top investment banks with blocking exchanges’ access to the lucrative credit derivatives market, hitting the sector with the latest in a growing list of regulatory headaches. The move by the European Commission, which could result in hefty fines, comes as major banks also come under investigation for suspected rigging of lending benchmarks including Euribor and Libor. The Commission said banks including Citigroup and Goldman Sachs, along with financial data company... https://www.scmp.com/business/banking-finance/article/1273810/eu-charges-banks-blocking-exchanges-derivatives-market?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1273810/eu-charges-banks-blocking-exchanges-derivatives-market?utm_source=rss_feed Tue, 02 Jul 2013 05:01:04 +0000 A top-rated analyst has been axed by Bank of America Merrill Lynch from its Hong Kong health care and pharmaceuticals research team after a US$150 million share deal the bank was working on stalled. Tong Shaojing told the South China Morning Post he was fired from his job within days of a proposed Hong Kong listing of shares in the mainland-based Triplex Biosciences being put on hold. "I can confirm I was fired by the bank and HR told me it was not because of any problem related to my... https://www.scmp.com/business/banking-finance/article/1260263/star-analyst-sacked-after-hong-kong-ipo-pulled?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1260263/star-analyst-sacked-after-hong-kong-ipo-pulled?utm_source=rss_feed Thu, 13 Jun 2013 16:00:00 +0000 Swiss private bank Julius Bär is aiming to have a majority of its clients from Asia after it acquired Bank of America Merrill Lynch's private banking business outside the United States. Julius Bär expects to report a loss this year in the wake of the deal in August last year. Positive returns would start to kick in next year, as the integration of the businesses picks up steam, chief executive Boris Collardi said yesterday. The bank expects the integration to be completed in the first quarter of... https://www.scmp.com/business/banking-finance/article/1250085/julius-bar-eyes-asian-clients-after-bank-america-merrill?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1250085/julius-bar-eyes-asian-clients-after-bank-america-merrill?utm_source=rss_feed Thu, 30 May 2013 16:00:00 +0000 It is cheering to see the level of activity under way in Hong Kong on environmental matters these days. Scarcely a day goes by without some new initiative or meeting. The new administration must take credit for this, having declared itself open for business on environmental matters, in stark contrast to its predecessors. Yesterday was no exception, with the extension of the Fair Winds Charter, which sees operators of international ocean-going vessels voluntarily agreeing to switch to low-sulphur... https://www.scmp.com/business/article/1136297/ship-operators-want-fair-play-fair-winds-year-end?utm_source=rss_feed https://www.scmp.com/business/article/1136297/ship-operators-want-fair-play-fair-winds-year-end?utm_source=rss_feed Fri, 25 Jan 2013 16:00:00 +0000 Golfers at Bank of America Merrill Lynch played a tough game last Friday as they navigated through the desert sand and watering holes guarded by buffalo, giraffes, hippos and a Christmas turkey. Peals of laughter echoed through the hallways as 19 teams from all departments filled the narrow corridors of the office. They sidled up close to the cubicle walls, struck creative poses and took awkward shots between their legs to raise money for Operation Santa Claus. "It's amazing how they've... https://www.scmp.com/news/hong-kong/article/1109287/bank-staff-find-it-jungle-out-there?utm_source=rss_feed https://www.scmp.com/news/hong-kong/article/1109287/bank-staff-find-it-jungle-out-there?utm_source=rss_feed Thu, 20 Dec 2012 16:00:00 +0000 Over the windswept hills of Clear Water Bay, the sun finally broke through the clouds after days of rain. The golfers were unsure what they day might bring, but it turned out well for the crowd at the Bank of America Merrill Lynch (BAML) charity golf day. About 70 men and women - clients, business partners and friends of the bank - putted and swung away to raise money for Operation Santa Claus. The Clearwater Bay Golf and Country Club generously hosted the event at no cost. John O'Toole, general... https://www.scmp.com/news/hong-kong/article/1105632/operation-santa-claus-bankers-club-together-charity?utm_source=rss_feed https://www.scmp.com/news/hong-kong/article/1105632/operation-santa-claus-bankers-club-together-charity?utm_source=rss_feed Fri, 14 Dec 2012 16:00:00 +0000 Private bankers at Bank of America Merrill Lynch are scrambling for jobs in Hong Kong and Singapore ahead of the expected merger of the US bank's wealth-management business with Switzerland's Julius Baer. Earlier this year, private banker Julius Baer said it would buy the US bank's wealth-management unit outside the US and Japan as part of a global expansion strategy, and expected to slash 1,000 jobs globally from the combined entity. Julius Baer already employs about 500 people in Asia. Merrill... https://www.scmp.com/business/banking-finance/article/1071955/merrill-lynch-bankers-seek-new-posts?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1071955/merrill-lynch-bankers-seek-new-posts?utm_source=rss_feed Sun, 28 Oct 2012 16:00:00 +0000 To fast-track its growth on the mainland, Bank of America Merrill Lynch (BAML) has appointed Margaret Ren, a well-known banker and relative of a former premier, as China chairman, according to an internal memorandum seen yesterday by the South China Morning Post. Ren, who is well connected to the government given her family background, joined BAML from French bank BNP Paribas where she was chief of corporate finance for the greater China region, covering Hong Kong, Taiwan, Macau and the... https://www.scmp.com/business/banking-finance/article/1062785/bank-america-merrill-lynch-hires-margaret-ren-mainland-push?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1062785/bank-america-merrill-lynch-hires-margaret-ren-mainland-push?utm_source=rss_feed Tue, 16 Oct 2012 16:00:00 +0000 Bank of America-Merrill Lynch (BAML) is set to join the latest round of financial sector lay-offs this summer with dozens of jobs to be cut in the world's fastest-growing region. Financial industry sources familiar with the matter told the South China Morning Post on Tuesday that the leading American bank is expected to make an internal announcement of its latest lay-off plan in Asia, including its offices in Hong Kong, Tokyo and South Korea, in the coming days. "Many department heads have... https://www.scmp.com/business/banking-finance/article/1046789/exclusive-bank-america-merrill-lynch-announce-asian-layoffs?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1046789/exclusive-bank-america-merrill-lynch-announce-asian-layoffs?utm_source=rss_feed Tue, 25 Sep 2012 02:58:16 +0000 The unexpected suspension of trading in the shares of Fortescue Metals last week is causing headaches for Bank of America Merrill Lynch (BAML), specialist publication Instanter reports. The lender is trying to syndicate a US$1.5 billion loan for the embattled Western Australian iron ore group. Banks are concerned Fortescue may renegotiate existing debt facilities. It is also in the spotlight since its shares were suspended on Friday, when it said it expected to make an announcement about... https://www.scmp.com/business/commodities/article/1039414/fortescue-metals-headache-merrill?utm_source=rss_feed https://www.scmp.com/business/commodities/article/1039414/fortescue-metals-headache-merrill?utm_source=rss_feed Mon, 17 Sep 2012 16:00:00 +0000