Bank of America Related Content

GE Capital Provides Rush Enterprises with $850MM Inventory Financing

Rush Enterprises entered into an amendment with a lender group led by GE Capital Commercial as administrative agent for a facility that will provide $850 million to finance the company’s purchase of vehicle inventory and working capital. read more

Suit Claims 22 Banks Manipulated Treasury Securities

In a complaint filed in the U.S. District Court in New York on Thursday, 22 banks were accused of manipulating the market for Treasury securities. read more

Bank of America Replaces CFO/CRO in Management Shakeup

Bank of America CEO Brian Moynihan announced CFO Bruce Thompson will step down and be replaced by Paul Donofrio, effective August 1. Moynihan also said Andrea Smith will assume a newly created position as CAO. read more

BofA Q2 Earnings More than Double on Lower Legal Costs

Bank of America reported Q2/15 net income of $5.3 billion compared to $2.3 billion in Q2/14. The bank said legal costs of $175 million were down from $4.0 billion in Q2/14. read more

BofA Hires Former CIT Chief for Investment Bank

Bank of America reportedly hired Jeffrey Peek, who ran commercial lender CIT Group for six years, as an executive vice chairman in the global investment bank. read more

SNL: $1B+ Banks Report $2.5B from Q1 Overdraft Fees

According to SNL Financial, banks with more than $1 billion in assets collectively reported they took in $2.51 billion in overdraft fees in Q1/15. read more

JPMorgan, BofA Said to Plan Job Cuts to Trim Expenses

Bloomberg reported JPMorgan Chase and Bank of America are planning job cuts to contain expenses as revenue stagnates in a prolonged era of low interest rates. read more

U.S. Bank, Bank of America Win Dismissal of Mortgage Suits

Bloomberg reported that a U.S. district judge dismissed three suits alleging breaches over mortgage-backed securities by U.S. Bank and Bank of America. read more

BofA: 64% of Small Business Owners Still Recovering from Great Recession

Seven years after the “Great Recession,” two-thirds (64%) of small business owners report their businesses are still in the process of recovering, according to Bank of America’s spring 2015 Small Business Owner Report. read more

Bank of America Swings to Profit on Lower Litigation Costs

Bank of America reported Q1/15 earnings of $3.4 billion compared to a loss of $276 in the year-ago period. The bank noted that Q1/14 performance included litigation costs of $6.0 billion versus $370 million this year. read more

Ex-Bank of America SVP Admits to $6.4MM Fraud

The Federal Bureau of Investigation announced that a former senior vice president at Bank of America pleaded guilty to misapplication of bank funds in a scheme that led to more than $6.4 million in losses to BOA. read more

Bank of America FY Earnings Off 58% on $16.4B of Litigation Costs

Bank of America reported full year net income was $4.8 billion, down 58% from $11.4 billion a year earlier. The bank noted its litigation expense of $16.4 billion in 2014 was up from $6.1 billion a year earlier. read more

Ambac Sues Bank of America Over Countrywide MBS

Reuters reported that Ambac Assurance sued Bank of America to recoup losses from insuring nearly $1.7 billion of securities backed in part by risky mortgages from the bank’s Country Wide Loans unit. read more

Countrywide Whistleblower Gets ‘Historic’ $57.6MM

CNNMoney reported that former Countrywide Financial executive Edward O’Donnell may collect approximately $57.6 million from Bank of America for his role in divulging the firm’s fraudulent activity. read more

BofA Swings to Q3 Loss on Litigation Expense

Bank of America said its Q3/14 financial results will be adjusted to include a $400 million litigation expense related to its foreign exchange business that will result in a net loss of $232 million. read more

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