Bank of America Related Content

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

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

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