Bank Of America

  • Bank of America to cut 3,000 mortgage jobs October 25, 2013

    Washington: Bank of America will cut roughly 3,000 jobs by the end of the year as the number of refinancing applications and troubled loans has fallen. It is part of larger industry pull back in response to the changing housing market. The second largest US bank laid off 1,200 employees this...
  • Drop in Apple shares, weak profits drag Wall Street lower April 18, 2013

    New York: US stocks fell in a broad market selloff on Wednesday, led by a sharp drop in Apple shares on worries about slowing demand for its products and weakerthanexpected results from Bank of America that battered the financial sector. Apple Inc slid 5.5 per cent to $402.80 after falling below...
  • Singapore reaps benefits as India derivatives demand surges February 27, 2013

    Mumbai: After long failing to act on foreign investor complaints, Indian policy makers find themselves in an ironic bind. As global interest in Indian derivatives surges, it is Singapore, not Mumbai, that is reaping the benefits. In a turnaround from past years, more stock futures and options based on Nifty are...
  • Iranian hackers target Bank of America, JPMorgan, Citi September 22, 2012

    Washington: Iranian hackers have repeatedly attacked Bank of America, JPMorgan Chase & Co and Citigroup over the past year as part of a broad cyber campaign targeting the United States, according to people familiar with the situation. The attacks, which began in late 2011 and escalated this year, have primarily been...
  • Moody's cuts ratings of world's 15 biggest banks June 22, 2012

    London/Charlotte: Ratings agency Moody's downgraded many of the world's biggest banks on Thursday, lowering credit ratings of 15 companies by one to three notches. Morgan Stanley, one of the most closely watched firms, had its longterm debt rating lowered by just two notches, one level less than had been expected, and...
  • Goldman Sachs, BofAML cut India GDP forecast May 25, 2012

    Mumbai: Analysts at Goldman Sachs and Bank of AmericaMerrill Lynch cut their growth forecasts for India, following up on a Morgan Stanley downgrade earlier this week that had sparked much concern in domestic markets. The downgrades come in a tough month for Indian markets, after global risk aversion surged, exposing the...
  • S&P cuts ratings for big global banks November 30, 2011

    New York: Standard & Poor's reduced its credit ratings on 15 big banking companies, mostly in the Europe and the United States, on Tuesday as the result of a sweeping overhaul of its ratings criteria. JPMorgan Chase & Co, Bank of America Corp, Citigroup Inc, Wells Fargo & Co, Goldman Sachs...
  • Global giants plan job cuts to save costs October 31, 2011

    New York: As companies battle the economic slowdown, the employees at large companies in the US and Europe seem to be facing the axe in a major way. More than 1,35,000 job cuts have been announced by just about a dozen multinational companies in past few months in their efforts to...
  • Embattled Bank of America to slash 30,000 jobs September 13, 2011

    Washington: Bank of America said on Monday that it will cut about 30,000 jobs over the next few years to slash costs, Xinhua reported. The job reduction is part of 'Project New BAC', a broad restructuring plan that started in January 2010, the bank said in a statement, adding that...
  • Warren Buffett to invest $5 bn in Bank of America August 26, 2011

    New York: Warren Buffett will invest $5 billion in Bank of Americas Corp, stepping in to shore up the largest US bank in the same way he helped prop up Goldman Sachs and General Electric during the financial crisis. Bank of America shares rose nearly 26 per cent at one point...
  • Affluent women worry about outliving money February 1, 2011

    New York: Affluent women expect to be more active than their male counterparts in retirement, but they are also more worried about outliving their money, according to a Bank of America Merrill Lynch study. The vast majority of affluent baby boomers, the more than 75 million Americans born from 1946 through...
  • LinkedIn files for IPO; Big year for Web cos January 28, 2011

    New York: In what could signal a big year of Internet initial public offerings, social networking website LinkedIn Corp announced plans on Thursday to float shares to the public. The number of shares to be offered and the price range for the offering have not yet been determined, according to...
  • Bank of America WikiLeaks' next target? December 23, 2010

    Charlotte: WikiLeaks' next data release, early next year, is widely expected to centre on Bank of America Corp (BofA). WikiLeaks Editor In Chief Julian Assange currently under house arrest in England touched off a fevered wave of speculation last month, when he disclosed the group would follow up its...
  • Bank of America stops handling WikiLeaks account December 19, 2010

    Washington: Bank of America Corporation has joined several other financial institutions in refusing to handle payments for WikiLeaks, the latest blow to the secretreleasing organisation's efforts to continue operating under pressure from governments and the corporate world. The Charlotte, North Carolinabased bank's move adds to similar actions by Mastercard Inc and...
  • Man charged over $23 quadrillion for pack of cigarettes July 16, 2009

    Moscow: A US man was charged more than $23 quadrillion for a pack of cigarettes that he bought at a filling station using his Visa card, a TV report said. When he checked his online bank account, Josh Muszynski discovered that he was $23,148,855,308,184,500 ($23,148 trillion) in the red, the...
  • About 300 Satyam staff join Bank of America April 1, 2009

    Mumbai: About 250300 employees at fraudhit Indian outsourcer Satyam Computer Services are joining Bank of America, the Business Standard newspaper said on Wednesday. The employees were working on a Satyam project for Merrill Lynch, which was taken over by the US bank after it was hit by the subprime crisis...
  • Bank of America to cut up to 35,000 jobs December 12, 2008

    New York: Bank of America Corp said on Thursday it plans to eliminate 30,000 to 35,000 jobs over three years, reflecting its pending purchase of Merrill Lynch & Co and weaker business activity stemming from the economic recession. The cuts could affect as much as 11.4 percent of the combined...
  • View Chat: 'Indian economy robust, well regulated' October 8, 2008

    Is India insulated against the global economic upheavals or is our economy vulnerable too? Will the collapses on Wall Street affect Dala Street and will the Indian job market be affected? To answer all these and more queries, we had economist Dr Amir Ullah Khan chat live with our viewers. Amir Ullah...
  • Asian mkts plummet as US rejects bailout plan | More September 30, 2008

    New Delhi: US lawmakers in the House of Representatives on Monday voted against the biggest proposed government intervention in the US economy since the Great Depression of 1929. Government officials, treasury chiefs and political leaders from both sides of the political divide thought they had agreed Sunday on the details of...
  • US lawmakers reject $700billion bailout plan | More October 2, 2008

    Washington: US lawmakers in the House of Representatives on Monday voted against the biggest proposed government intervention in the U.S. economy since the Great Depression of 1929. Government officials, Treasury chiefs and political leaders from both sides of the political divide thought they had agreed Sunday on the details of a...
  • Fed appeals US senate to rally around Wall Street September 24, 2008

    Washington: The US Congress heard the crucial bailout package proposal by US Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke. Top members of the US president's economic team painted a blunt and disturbing picture for members of Congress and urged speedy approval of the biggest government bailout since...
  • Bank of America agrees to buy Merrill Lynch September 15, 2008

    New York: Bank of America Corp said early Monday it would acquire Merrill Lynch & Co., Inc. in an allstock transaction worth about $50 billion that should lift the uncertainty shrouding Merrill since the start of the credit crisis over a year ago. Charlotte, North Carolinabased Bank of America has the...
  • Lehman files for bankruptcy | BoA to buy Merrill Lynch September 15, 2008

    New York: Lehman Brothers Holdings Inc. will file for bankruptcy after Barclays and Bank of America abandoned talks to buy the company. The global investment bank will file a Chapter 11 Bankruptcy petition. A press release by the company said Lehman Brothers' US subsidiaries or affiliates, including its brokerdealer and investment...