BofA Q2 Earnings Tumble on $4 Billion Expense for Litigation
Bank of America spent $4 billion in the second quarter to cover litigation costs, including a mortgage settlement with American International Group.
BofA Beats Estimates, Boosts Advisors and Production
The total number of financial advisors at Bank of America rose to 17,512 as average trailing-12-month fees and commissions hits $905,000.
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)...
5 Best & Worst Broker-Dealers: Q3 Earnings
Brokerage firms in the third quarter boosted earnings growth as high as nearly 2,200% and reported declines as low as 120% — AdvisorOne selected a lucky 10 to spotlight.
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.
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’s Darnell to ‘Get Out of Way’ of Merrill Brokers
Sallie Krawcheck’s replacement at Merrill Lynch says he wants to improve results at the brokerage firm, which just grabbed four advisors from rivals Wells Fargo and Morgan Stanley.
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.
Post-Krawcheck BofA: Will Advisors Stay or Go?
Experts debate whether advisors are likely to jump ship or stay in the face of management changes.
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.