Los Angeles has filed a case against Bank of America for discriminatory mortgage lending among the minority communities in the city, Reuters reported citing a court filing.
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South Korean fund mulls $1B Bank of America stake sale -report
South Korea-based investment fund Korea Investment Corp (KIC) is considering selling a $1-billion stake in Bank of America after the latter's value halved since 2008, according to a report by Korean media.
For the first time since Merrill Lynch acquisition, BofA exceeds JPMorgan Chase in investment banking fees
As far as investment banking fees go, Bank of America outperformed JPMorgan Chase & Co since it acquired Merrill Lynch & Co in 2008, Bloomberg reported.
Banks increasingly reliant on growing equity markets
Banks are growing more reliant on the growing market for equities as they get nearly half of their fourth quarter investment banking revenues from equity trading and underwriting, the Financial Times reported.
BofA encourage junior employees of corporate and investment bank to take weekends off
The Bank of America is discouraging its junior investment bankers from working on weekends as it seeks to promote better work-life balance for its employees, the Financial Times reported.
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US District Judge Mariana Pfaelzer gave final approval to the USD 500 million class action settlement between Bank of America's Countrywide unit and its investors.
The Dow Jones Industrial Average, for the first time, closed above the psychological threshold of 16,000, extending a stock rally that had already experienced a 22% spike so far this year.
Charter Communications was reportedly nearing an agreement with investment banks to borrow money for its bid for Time Warner Cable Inc. Charter has held talks with Bank of America Corp., Barclays Plc and Deutsche Bank AG.
Hedge fund firm Viking Global Investors obtained 44.9 million new shares in Bank of America in a deal worth USD 620 million near the end of September.
Top U.S. hedge fund managers in the third quarter zoned in on the consumer sector, with investment plays ranging from Sotheby's, a high-end auction house that caters to millionaires, to J.C. Penney Co, the struggling department store chain.
California-based bills payment and invoicing startup Bill.com picked up USD38 million in a new financing round led by Scale Venture partners and other former investors.
A USD1.4 billion settlement is being negotiated between Bank of America and Freddie Mac on the issues related to the repurchase of faulty mortgages sold by the bank to the mortgage lender.
The Hustle, as it was known, rewarded volume instead of quality for mortgages sold by Bank of America to Fannie Mae and Freddie Mac.
Reuters reported that the use of FIRREA in the Department of Justice's case against Bank of America could change the relationship between Wall Street and the government regulator.
