Bank of America Related Content

Wells Agents Revolver for Popeyes Before Sale to Burger King

On February 15, Popeyes Louisiana Kitchen amended its credit agreement with Wells Fargo as administrative agent, providing a $150 million revolver expansion. On February 21, Restaurant Brands International, the parent company of Burger King, purchased Popeyes for $1.8 billion. read more

FDIC Sues Bank of America for $542 Million

Bloomberg reported that Bank of America is being sued for $542 million by the FDIC for deposit insurance that the bank “refuses to pay.” read more

BofA Agents $600MM Varian Facility to Support PerkinElmer Acquisition

Varian Medical Systems will acquire the Medical Imaging business of PerkinElmer. The transaction will be financed through an expansion of a facility agented by Bank of America to approximately $600 million. read more

WSJ: Big Banks Lose Nearly Half a Trillion Dollars in 2016

The Wall Street Journal reported that 20 of the world’s biggest banks have lost 25% of their aggregate market value — approximately $465 billion — according to data from FactSet. read more

Seven Banks to Pay $324MM in Rate Rigging Case

Bloomberg reported seven banks have agreed to pay $324 million to settle claims they conspired to rig an interest rate benchmark used in the derivatives market. read more

Bank of America Q1 Earnings Off 13% from Year-Ago Quarter

Bank of America reported Q1/16 net income of $2.7 billion, down 13% from $3.1 billion a year ago. Total revenue, net of interest expense, was $19.5 billion, down from $20.9 billion in Q1/15. read more

Bloomberg: BofA Fires at Least 15 Senior Asia Bankers

Bloomberg reported that Bank of America fired at least 15 senior Asia bankers, including three managing directors and 12 directors. read more

Bank of America Reports ‘Highest Net Income in Nearly a Decade’

Bank of America reported full-year 2015 net income of $14.4 billion was the “highest annual net income in nearly a decade.” Higher provision charges reflect reserve builds due to energy sector exposure. read more

Bank of America Names Jankowitz Kansas City Market President

Bank of America has named Gary C. Jankowitz market president, serving as enterprise leader in Kansas City. He succeeds Jack Ovel, who led the market since 2013. read more

Bank of America to Post Q4 $600MM Pretax Writedown

Bank of America will record a non-cash reduction in pretax income of $600 million in Q4/15. The writedown is tied to the redemption of $2 billion of trust preferred securities related to its Merrill Lynch acquisition. read more

Reuters: Prime Rates Rise Following Fed Rate Hike

Reuters reported that major U.S. banks raised their prime rates for the first time since 2006 following a rate hike from the Federal Reserve. read more

AerCap Closes $1.3 Billion of New Credit Facilities

Aircraft lessor AerCap Holdings said it completed the closing of $1.3 billion of new credit facilities that will be used to acquire 22 aircraft from Boeing and Airbus through the end of 2016. read more

Bloomberg: S&P Cuts Ratings on Eight Large Banks

Bloomberg reported that JPMorgan Chase, Bank of America and Wells Fargo are among eight large U.S. banks that had credit grades cut one level by Standard & Poor’s on the prospect that the U.S. government is less likely to provide aid in a crisis. read more

Bloomberg: BoA Calls for U.S./Chinese Economic Divorce

According to Bloomberg, Bank of America says a ‘great divorce’ between the economies of the U.S. and China will fuel global currency and rates markets in 2016. read more

Bank of America Q3 Profit Aided by Substantially Lower Legal Fees

Bank of America reported Q3/15 net income of $4.5 billion compared to a net loss of $232 million a year earlier. The bank noted its litigation costs of $231 million in Q3/15 compared to $6.0 billion in Q3/14. read more

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