Bank Of America | featured news

Bank of America Corp and Citigroup Inc shares plummeted for a sixth straight day on Friday, hammered by fears that the U.S. government could nationalize the banks, wiping out shareholders.

Former Merrill Lynch Chief Executive John Thain said Monday he plans to reimburse Bank of America for a $1.2 million renovation of his office a year ago.

Bank of America has created an account on Twitter, the popular microblogging site, to interact with customers.

John A. Thain, the former chief executive of Merrill Lynch, resigned after Bank of America suffered unexpected losses stemming from its acquisition of the giant brokerage.

HONG KONG — Asian stocks rebounded today from the previous day's rout, with Tokyo's index gaining nearly 3 percent, as the U.S. bailed out Bank of America again and a weaker yen lifted exporters like Toyota Motor Corp.

Escalating credit losses drove Bank of America Corp. to report a fourth-quarter loss and slash its quarterly dividend to a penny on Friday, hours after receiving a multibillion-dollar lifeline from the federal government.