Bank Of America, Good News | featured news

The Federal Reserve also said on Tuesday that JPMorgan Chase, Wells Fargo, U.S. Bancorp and others could raise dividends or buy back stock.

Bank of America said Friday it would reduce by about $100,000 the amount owed by as many as 200,000 underwater homeowners as part of the recently announced government foreclosure settlement with top mortgage servicers.

Bank of America made $2 billion in the last three months of last year, reversing a loss from a year earlier. It offset legal expenses over mortgages and losses in its investment...

Bank of America Corp. is scrapping its plan to charge a $5 monthly debit card fee. The bank's decision to drop the fee came after a roar of customer outrage in recent weeks over the fee. Other major banks, including JPMorgan Chase & Co. and Wells Fargo & Co., already canceled tests of similar debit card fees last week.

Bank of America reported a $6.2 billion profit for the third quarter as gains from assets sales and positive accounting changes outweighed weaker results in its trading business and continued losses in its huge mortgage portfolio.

The bank, which is often considered a bellwether, said that it had clawed back to profitability in the first quarter, after two consecutive periods of losses.

U.S. stocks gained, as rising commodity prices boosted energy stocks, concerns about European governments' debt loads eased and data showed a brightening outlook for New York area manufacturing.

The bank reported that its first-quarter net income more than tripled, to $4.2 billion, largely beating analyst expectations.