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.
The US$4.3 billion in civil settlements struck 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.
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.
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.
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.
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.