Bank Of America | featured news

Moody's downgraded Bank of America's and Wells Fargo's long-term ratings and the short-term ratings of Citigroup, saying it believes the U.S. government is less likely to support the banks if needed.

It is “likely” that the SEC got rid of “some documents” from inquiries it decided not to pursue involving Bernard Madoff and such major financial firms as Goldman Sachs, Bank of America, Lehman Brothers and SAC Capital, a senior SEC official said Wednesday.

Bank of America is to cut 30,000 jobs, or 10% of its workforce, over the next few years as part of a cost-cutting programme, the company says.

Bank of America Corp officials have discussed slashing roughly 40,000 jobs during the first wave of a restructuring, the Wall Street Journal said, citing people familiar with the plans.

The stressed relationship between Bank of America and Merrill Lynch just got uglier with the announcement today that Sallie Krawcheck, is leaving her post as head of Merrill Lynch’s global wealth management division.

Bank of America Corp is looking to sell its correspondent mortgage business and the unit's employees could be notified as soon as Wednesday, the Wall Street Journal said, citing people familiar with the matter.

Top Bank of America Corp lawyers knew as early as January that American International Group Inc was prepared to sue the bank for more than $10 billion, seven months before the lawsuit was filed, according to sources familiar with the matter.

Bank of America Corp is selling about half its stake of China Construction Bank to a group of investors for $8.3 billion in cash, the bank said on Monday.

Warren Buffett is coming to the rescue of another fallen giant. Buffett's Berkshire Hathaway Inc. announced Thursday that it would invest $5 billion in Bank of America Corp., giving a much-needed vote of confidence to the beleaguered bank. The news sent the bank's stock soaring 9 percent.

Bank of America Corp. is cutting 3,500 employees this quarter and working on restructuring plans that will ax several thousand more jobs, The Wall Street Journal and The New York Times reported citing people familiar with the situation....