News for Bank of America
Mar 17 · 11:05:00 AM · Source: Company Press Release
Investors have recovered their bullishness towards equity markets but are shifting their focus away from Europe and into the U.S. and Japan, according to the BofA Merrill Lynch Survey of Fund Managers for March.
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by Larry Etter
Feb 23 · 10:38:00 AM · Source: Company Press Release
Bank of America Merrill Lynch Global Banking and Markets President Tom Montag today announced that Sam Chapin and Todd Kaplan have been appointed executive vice chairmen of Global Banking, effective immediately. In these roles, Chapin and Kaplan will report to Montag and focus on deepening strategic client relationships and delivering the company's vast global resources on their behalf.
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by Larry Etter
Feb 22 · 11:18:00 AM · Source: CNBC
Bank of America on Monday won approval of a $150 million settlement with the U.S. Securities and Exchange Commission over the Merrill Lynch merger, ending an embarrassing public battle between the largest U.S. bank and the nation's top securities regulator.
U.S. District Judge Jed Rakoff on Monday approved the settlement but also lamented its deficiencies, calling it "half-baked justice at best."
The settlement ends two lawsuits by the SEC against Bank of America. One alleged that the bank misled shareholders about $3.6 billion of bonuses that Merrill paid out. The other alleged that the bank misled shareholders about Merrill losses, which reached $15.8 billion in the fourth quarter of 2008.
"Its greatest defect is that it advocates very modest punitive, compensatory and remedial measures that are neither directed at the specific individuals responsible for the nondisclosures nor appear likely to have more than a very modest impact on corporate practices or victim compensation," Rakoff wrote. "While better than nothing, this is half-baked justice at best."
Had Rakoff rejected the settlement, a trial over the bonuses would have begun on March 1.
The judge rejected a $33 million accord five months ago.
How cool is U.S. District Judge Rakoff? Not afraid to speak his mind & tell it like it is, "half-baked justice at it's best." Of course he's referring to the battle between the SEC and and BOA over the merger with Merrill. Just 5 months ago Rakoff refused to rubber stamp the paltry sum proposed by BOA and the SEC of $33 million.
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by Jerry Byrne
Feb 22 · 9:51:00 AM · Source: Company Press Release
NEW YORK, Feb. 22 /PRNewswire/ -- Bank of America Merrill Lynch Global Banking and Markets President Tom Montag today announced that Sam Chapin and Todd Kaplan have been appointed executive vice chairmen of Global Banking, effective immediately. In these roles, Chapin and Kaplan will report to Montag and focus on deepening strategic client relationships and delivering the company's vast global resources on their behalf. Chapin will be based in New York, and Kaplan will be based in Chicago.
(Logo: http://www.newscom.com/cgi-bin/prnh/20090812/CL60095LOGO )
"Sam and Todd are among the most widely respected investment bankers in the industry," said Montag. "Their decisions to rejoin Bank of America Merrill Lynch are a reflection of the tremendous momentum we have achieved as a combined company and global industry leader."
Chapin, a 26-year Merrill Lynch veteran, served as a vice chairman and member of the executive client coverage group from 2003 to 2009, responsible for developing and coordinating senior corporate client relationships around the world. Prior to that, he was head of global investment banking from 2001 to 2003. He joined Merrill Lynch in 1984 as a member of the mergers and acquisitions group and was named a managing director in investment banking in 1993 and a senior vice president of the firm in 2001.
Ok, so is it just me? Is this a case of what’s wrong with this picture? Here you have Todd Kaplan & Sam Chapin, two veteran executives (Kaplan worked there 22 years) of Merrill Lynch, returning to the fold now that times are good (or at least a whole lot better) again. They both left when the bank was in turmoil shortly after the takeover by Bank of America. Kind of like jumping off a sinking ship wouldn’t you say? Now they want back on?
Where is the loyalty? Where is that old saying, “When the going gets tough, the tough get going? Well in this case they got going all right…..right out the front door. How about the guys who stuck around these past 14 months or so, who weathered the bad times, hung in there and stayed loyal to ‘Mother Merrill” as the company was lovingly referred to as for many years. Do you think they are happy to see Kaplan & Chapin return now that Wall St. is back on it’s feet.
Call me old school, but I just don’t think it was the right thing to do bringing them back.
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by Jerry Byrne
Feb 19 · 2:12:00 PM · Source: Company Press Release
Bank of America today announced organizational changes to its Global Wealth and Investment Management (GWIM) division designed to support the growth of its investment and retirement businesses and to deepen leadership in areas identified as being among its greatest strategic opportunities. Kunal Kamlani will join the company as managing director and head of Global Investment Solutions (GIS). Chris Dupuy will become head of Institutional Investments and Philanthropic Solutions.
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by Larry Etter
Feb 11 · 9:34:00 AM · Source: Company Press Release
Bank of America, N.A., recently marked a major milestone in its efforts to provide more clarity and transparency in the mortgage process by providing more than one million potential homebuyers with the lender's first mortgage Clarity Commitment®, a simple, one-page document that provides key information about mortgage loan terms in easy-to-understand language.
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by Larry Etter
Feb 10 · 10:58:00 AM · Source: Company Press Release
Bank of America Merrill Lynch today announced that Alastair Borthwick and Lisa Carnoy have been named co-heads of the company's Global Capital Markets business. This move follows the recent announcement that Bruce Thompson, former head of Global Capital Markets, has been appointed chief risk officer for Bank of America.
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by Larry Etter
Dec 29 · 1:20:00 PM · Source: Business Wire
Kendall Law Group, led by a former federal judge, announced that a lawsuit has been filed against Bank of America for possible securities violations related to public statements made between September 15, 2008 and January 21, 2009. Independently, Coughlin Stoia Geller Rudman & Robbins LLP announced that a class action has been commenced on behalf of an institutional investor in the United States District Court for the Southern District of New York on behalf of purchasers of certain Bank of America Corporation debt securities (the Securities) during the same Class Period.
The complaint, filed in the Southern District of New York, charges Bank of America and certain of its officers and directors with violations of the federal securities laws concerning statements made concealing Bank of America’s agreement that Merrill Lynch employees would receive up to $5.8 billion in bonuses before the merger was consummated. Also, Merrill Lynch had suffered massive losses that were inherited by Bank of America in the merger. The complaint alleges that due to these misleading statements, BAC stock traded at artificially inflated prices during the relevant time period. While the prices were artificially inflated, the Company sold certain debt and equity securities, including 455 million shares of its common stock at $22 per share on October 10, 2008, raising approximately $10 billion capital.
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by Michael Oliveto
Dec 17 · 3:21:00 PM
UBS initiated coverage for Bank of America with a recommendation of Buy.
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by Rich Pike
Dec 17 · 10:21:00 AM · Source: Company News
The Bank of America Board of Directors late Wednesday elected Brian T. Moynihan as CEO and president of the company. He will assume the office and join the Board of Directors following the retirement of Kenneth D. Lewis on December 31, 2009. Moynihan, 50, has held senior leadership positions at Bank of America representing experience across virtually all business lines. He currently is president of Consumer and Small Business Banking.
The naming of Moynihan takes the shroud of uncertainty off BofA.
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by Larry Etter
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