BofA CEO Moynihan Rebuts Morgan’s Gorman Over Pay
In a direct rebuttal to Morgan Stanley CEO James Gorman's opinion that workers upset about pay and bonuses should leave, Bank of America CEO Brian Moynihan said that talks to cut employees' pay are 'honest and open' and that he doesn't share Gorman's opinion.
BofA Back in Black as Merrill Hires More FAs: Q4 Earnings
Bank of America said Thursday that it had net income of $2 billion for the fourth quarter of 2011 vs. a net loss of $1.2 billion in the same year-ago period, meeting analysts’ expectations.
Most Earnings Top Estimates on Mixed Advisor-Headcount News
Bank of America reported net income of $6.2 billion, or $0.56 per share, for the third quarter vs. a net loss of $7.3 billion, or $0.77 per share, last year — topping analysts’ estimates by a wide margin. Revenue, net of interest expense (and calculated on a fully taxable-equivalent basis)...
BofA Moves to Issue 400M Shares as Stock Weakens
Bank of America said Thursday that it might issue 400 million new shares and disclosed plans to exchange preferred securities for a total of $6 billion of common shares and debt, despite repeated statements by CEO Brian Moynihan that it would not issue new shares.
Q3 Earnings: BofA Tops Estimates as Merrill Boosts Advisor Count
Net inflows of client assets were nearly $2 billion in the third quarter for the wealth-management unit vs. outflows of about $2.5 billion last year.
Buffett Jabs Wall St., Saying It ‘Doesn’t Feel Loved’
Wall Street doesn’t feel loved, Warren Buffett told Charlie Rose in an interview on Sept. 30. Buffett noted that some rhetoric from President Barack Obama led to a lack of support from Wall Street.
Krawcheck Out in BofA Reorg
Bank of America said in early September that wealth-management head Sallie Krawcheck was leaving the company as part of a major reorganization of the bank and its operations.
BofA to Slash 30,000 Jobs, $5 Billion a Year in Costs
BofA's restructuring comes six days after Sallie Krawcheck was let go as head of wealth management, but company says it will continue to hire FAs.
Krawcheck Forced Out in BofA Restructuring
Bank of America CEO Brian Moynihan said Tuesday that he was reorganizing the bank's management and operating units, removing Sallie Krawcheck as head of the wealth management.
BofA Sells Half Its Stake in Chinese Bank for $8.3 Billion
Bank of America said Monday it was selling about 13 billion common shares, or 5%, of China Construction Bank to a group of investors for some $8.3 billion in cash and an after-tax gain of $3.3 billion.