Bank of America's Quarterly Profit Soars as Revenues Sink
Bank of America's profit soared in the first quarter, helped by mortgages and wealth management, but revenue fell and profits missed expectations.
Brian Moynihan
Bank of America Beats the Street with a Narrow Profit
Bank of America said Wednesday that it narrowly turned a profit from July through September, good enough to beat Wall Street expectations. The bank earned $340 million in the quarter, which works out to a fraction of a penny per share. But financial analysts expected an 11-cent loss.
B of A to Pay $2.43 Billion to End Lawsuit Over Merrill Lynch
Bank of America has agreed to pay $2.43 billion to settle a class-action shareholder lawsuit related to its acquisition of Merrill Lynch. Plaintiffs alleged that Bank of America and some of its officers made false or misleading statements about both companies' financial health ahead of the deal.
9 Great American Companies That Will Never Recover
Sometimes, companies that were once leaders fall hopelessly behind. They may struggle on for years, but their chances to engineer turnarounds have passed. 24/7 Wall St. has found nine of these companies -- names you know well, but that will never be great again.
BofA Accused of Hiding Merrill Lynch Bad News Before Buyout
Top executives at Bank of America did not tell shareholders just prior to a 2008 vote on its purchase of Merrill Lynch that its losses were mounting, papers filed in shareholder litigation show. But the bank says it should not be liable to shareholders in the matter.
Average Joe CEO Made $9.6 Million in 2011
Profits at big U.S. companies broke records last year, and so did pay for CEOs. The head of a typical public company made $9.6 million in 2011, according to an analysis by the AP using data from Equilar, an executive pay research firm.
The 2011 Fortune 500: The Big Boys Rack Up Record-Setting Profits
Given the sluggish recovery and a strapped consumer, you'd expect to see corporate America trudging along, not racing for glory. In fact, the Fortune 500 are thriving as a group.
Bank of America Spoof Site Shows the Joke's on Us (But It's Not Funny)
Prankster activists the "Yes Men" got the better of Bank of America recently, but the facts they highlighted are serious. Despite massive government bailouts, BofA executives are still putting their own interests above those of their customers.
Battered Bank of America Kills Debit Card Fee Plan
Is Occupy Wall Street working? Bank of America announced on Tuesday that it's dropping its plan to charge a $5 monthly fee to customers who use debit cards for purchases. "We have listened to our customers very closely over the last few weeks" said a top bank official, explaining the reversal.
9 CEOs Who Need to Be Fired
Last year, 24/7 Wall St. put together a list of CEOs who need to retire, basing its judgment on quarterly earnings, stock price, and innovation. Now, with most large public companies having reported their second quarter results, 24/7 is back with a list of nine CEOs who are performing so poorly that they ought to be removed immediately. Read on to find out who, and why.
Bank of America's Profit Falls but Tops Estimates
The nation's largest bank beat Wall Street estimates with a $3.1 billion profit as it benefited from lower credit costs and the sale of non-core assets.
Earnings Preview: BofA, Wells and Morgan Stanley
Bank of America and Well Fargo are expected to post losses while Morgan Stanley is seen reporting a profit on Wednesday. Less certain is what the newly minted CEOs at BofA and Morgan Stanley are going to tell investors about vision and strategy.
Wall Street Has Many Things to Be Sorry About -- Just Not Corporate Jets
When JPMorgan Chase CEO Jamie Dimon and Bank of American (BAC) head Brian Moynihan flew today via corporate aircraft to Washington, D.C., to testify before a Congressional panel investigating the financial crisis, their mode of transport raised some eyebrows. But the furor over corporate jets, which are often the most efficient way to transport executives, distracts from the larger issues.