NEW YORK – Deutsche Bank AG and Bank of America Corp agreed to pay a combined $65.5 million to settle investor litigation accusing large banks of rigging the roughly $9 trillion government agency bond market over a decade. Preliminary settlements totaling $48.5 million for Deutsche Bank and $17 million for Bank of America were filed on Thursday with the U.S. District Court in Manhattan, and require a judge’s approval. Both banks denied wrongdoing. The settlements…"Deutsche Bank, Bank of America settle agency bond rigging lawsuits"
LONDON/DUBLIN – Bank of America on Friday became the first Wall Street lender to pick Dublin as its new base for its European Union operations as Britain prepares to leave the bloc. International banks are planning to set up subsidiaries in the EU to ensure they can continue to serve clients if their London operations lose the ability to operate across the bloc once Britain leaves in March 2019. Frankfurt and Dublin are emerging as…"Bank of America picks Dublin as EU base after Brexit"
– Bank of America Corp reported a higher-than-expected quarterly profit on strength in its consumer bank and cost cuts that are beginning to bear fruit after years of branch closures, staff cuts and efforts to reduce technology and paper-related expenses. Chief Executive Officer Brian Moynihan spoke glowingly of a broad turnaround in the consumer business that began in 2009, calling its $2 billion in quarterly profit a “milestone” on a call with analysts on Tuesday.…"Bank of America profit rises as consumer bank hits profit ‘milestone’"
– Warren Buffett’s company will become the biggest shareholder in Bank of America Corp , after Berkshire Hathaway Inc on Friday invoked its right to acquire 700 million shares of the second-largest U.S. bank. Berkshire will take a roughly 7 percent ownership stake, worth about $17 billion based on Bank of America’s closing price of $24.32 on Thursday. The transaction will make Bank of America one of Berkshire’s largest equity investments, joining Apple Inc ,…"Buffett’s company to become Bank of America’s top shareholder"
– Warren Buffett’s Berkshire Hathaway Inc may be on the verge of becoming Bank of America Corp’s largest shareholder, after the bank raised its dividend in the wake of a positive assessment of its ability to handle market stresses. Bank of America on Wednesday boosted its annual dividend 60 percent to 48 cents per share from 30 cents, beginning in the third quarter. Buffett has said a boost of that size would likely prompt him…"Buffett’s Berkshire on verge of becoming BofA’s top shareholder"
NEW YORK – Electronic trading in the US$900bn leveraged loan market celebrates its one-year anniversary Friday. Bank of America Merrill Lynch’s Instinct Loans, the bank’s electronic loan trading platform that kicked off June 16, 2016, touts increased liquidity and has won over many initial skeptics in the private loan market where trades typically take place over the phone. Since inception, the bank has done almost US$5bn in loan trade volume electronically. In the last three…"BAML’S electronic loan trading platform celebrates one-year anniversary"
– Bank of America Corp has begun laying off employees in its operations and technology division, part of the second-largest U.S. bank’s plan to cut costs. On Wednesday the bank cut jobs across that division, many of which came from its Charlotte, N.C., headquarters, a spokesman said. He would not specify the number of jobs lost. The cuts come as Bank of America is aiming to cut costs to boost financial targets Chief Executive Brian…"Bank of America to lay off more workers"
– Bank of America Corp sees continued room to grow in international cash management, a low margin business that can lead to lots of other revenue opportunities with corporate clients, Chief Operating Officer Tom Montag said at an industry conference on Wednesday. Montag said the second-biggest U.S. bank believes it has a No. 1 position in its home country, partly the result of increased targeting of mid-sized companies in local markets. Montag said the investment…"Bank of America targets growth in international cash management"
– The head of Bank of America Corp , the United State’s fourth-biggest mortgage lender, said on Thursday banks would be able to supply a bigger share of funding for home purchases if the standard down payment for buyers was cut to 10 percent from 20 percent. The vast majority of mortgages are underwritten to strict standards set by the U.S. government or quasi-government entities Fannie Mae and Freddie Mac . While down payment requirements…"BofA opens debate on lowering mortgage down payments"
– A U.S. banking regulator has more than doubled its claim against Bank of America Corp in a dispute over deposit insurance and interest, according to a securities filing on Tuesday. The U.S. Federal Deposit Insurance Corp said Bank of America owes it more than $1.1 billion, arguing that the second-largest U.S. bank was underestimating the potential cost of a failure among its trading partners. The FDIC’s new claim, filed on April 10 in the…"FDIC boosts claim against Bank of America in payment dispute"