Tag: Bank of America

Bank of America reports sharp fall in profits

Bank of America reports sharp fall in profits

Bank of America, which is the largest in the US by assets, has posted a 38% decline in profits for the first quarter. The bank said profits came in at $2 billion (£1.23 billion), a sharp fall compared with a year ago. Furthermore, its home loans business lost $2.39 billion, as debts were not repaid. [...]

April 16, 2011 | 0 Comments More
Bank of America posts $1.2bn loss in Q4

Bank of America posts $1.2bn loss in Q4

The Bank of America has today reported its second consecutive quarterly loss - primarily due to the writedown of its mortgage business, Countrywide. The bank, which is the largest in the US by assets, today disappointed analysts with a fourth quarter net loss of $1.24 billion (£775 million), compared with a $5.2 billion loss a [...]

January 21, 2011 | 0 Comments More
Bank of America unveils Q3 losses

Bank of America unveils Q3 losses

Bank of America, which the US’ largest bank, has today unveiled a net loss of $7.3 billion, or 77 cents per share, compared with a loss of $2.2 billion, or 26 cents per share, a year earlier. The banking giant said it had a one-off impairment charge of $10.4 billion for the July to September [...]

October 19, 2010 | 0 Comments More
BoA and Citigroup shares fall on results

BoA and Citigroup shares fall on results

Shares in US banking giants, Bank of America (BoA) and Citigroup, fell on Friday after both banks reported their second quarter profits. Firstly, Bank of America said net income fell to $3.1 billion in the second quarter from $3.2 billion in the same period a year earlier, while revenue was down 11% to $29.15 billion [...]

July 18, 2010 | 0 Comments More
BoA reports Q1 profits

BoA reports Q1 profits

Bank of America (BoA) has today reported its first quarter earnings, rising 0.7% to $2.83 billion (£1.83 billion) from $2.81 billion a year ago, boosted by record sales and trading activity at its investment bank, as well as its acquisition of Merrill Lynch. However, the bank posted a $2.1 billion loss in its home mortgage [...]

April 16, 2010 | 0 Comments More
Bank of America sued over Merrill Lynch takeover

Bank of America sued over Merrill Lynch takeover

US banking giant, Bank of America (BoA), has been sued by the New York Attorney General, Andrew Cuomo, for defrauding investors and the Government over its takeover of Merrill Lynch. BoA, and two of its senior executives, Ken Lewis and Joseph Price, have been accused of “enormous fraud” on taxpayers and shareholders over the takeover [...]

February 5, 2010 | 0 Comments More
Bank of America to repay bailout

Bank of America to repay bailout

Bank of America is to repay the $45 billion (£27 billion) of US Government bailout funds. The banking giant received the funds at the height of the financial crisis after accepting the Troubled Asset Relief Program (TARP). The repayment of the loan will see the bank escape curbs on executive pay, which in turn, has [...]

December 3, 2009 | 0 Comments More
Bank of America unveils $1bn Q3 loss

Bank of America unveils $1bn Q3 loss

Bank of America has today unveiled a $1 billion (£612 million) net loss for the third quarter - worse than the market had expected. The figure compares with a net profit of $3.2 billion in the second quarter and $1.2 billion in the same period a year earlier. The banking giant is the fourth major [...]

October 16, 2009 | 0 Comments More
Goldman Sachs and Citigroup announce results

Goldman Sachs and Citigroup announce results

There has been mixed news today across the Atlantic after banking giant Goldman Sachs exceeded analysts expectations while Citigroup posted a quarterly loss. Goldman Sachs said net earnings for the third quarter were $3.19 billion (£1.96 billion), compared with $845 million in the same period a year ago (prior to the collapse of Lehman Brothers). [...]

October 15, 2009 | 0 Comments More
Citigroup & Bank of America exceed market expectations

Citigroup & Bank of America exceed market expectations

Citigroup and Bank of America have surprised analysts by reporting better than expected second-quarter results. Results from both banks have followed hot on the heels of strong results from fellow US Banking giants, JPMorgan Chase and Goldman Sachs. Citigroup posted a $4.3 billion second quarter profit due to gains on its Smith Barney deal. However, [...]

July 17, 2009 | 0 Comments More
US Treasury anticipates $25bn to be repaid by bailed out banks

US Treasury anticipates $25bn to be repaid by bailed out banks

US Treasury Secretary, Timothy Geithner, expects US banks to repay $25 billion (£16 billion) of bailout funds over the next 12 months. According to Mr Geithner, the money will be put towards helping other financial institutions in need of assistance. Mr Geithner told Congress it is imperative that the Government protect the remaining $123.7 billion [...]

May 20, 2009 | 0 Comments More
Citigroup and Bank of America need more funds to cover losses

Citigroup and Bank of America need more funds to cover losses

There are suggestions that the financial turmoil is still in full swing after US banking giants, Citigroup and Bank of America, have been instructed to raise billions of dollars of extra capital to cover future losses, according to the Wall Street Journal. The findings were uncovered following US Government stress tests on both banks, carried [...]

April 28, 2009 | 1 Comment More
Bank of America Q1 profits beat expectations

Bank of America Q1 profits beat expectations

The run of good luck is continuing among US banks as Bank of America is the latest to exceed analysts expectations after it made a net profit of $4.24 billion for the three months ending 31 March - almost triple that of a year ago of $1.21 billion. The bank, which is the largest in [...]

April 20, 2009 | 0 Comments More
Citigroup reports quarterly loss and plans to split into two businesses

Citigroup reports quarterly loss and plans to split into two businesses

US banking giant Citigroup has today announced a worse-than-expected fourth quarter net loss of $8.29 billion (£5.6 billion) and said it plans to split the firm into two separate businesses to restore profitability. The bank’s net loss for the last quarter of 2008 works out at $1.72 per share, far worse than most analysts’ forecasts [...]

January 16, 2009 | 0 Comments More
Bank of America receive $20bn cash injection

Bank of America receive $20bn cash injection

Emergency funding of $20 billion (£13.4 billion) has been provided to Bank of America after it shares plummeted 17.5% yesterday amid speculation that the bank might be nationalised. In return for the cash injection, the bank must adhere to strict restrictions on senior management pay. Bank of America has been one of the strongest in [...]

Fears for Citigroup and Bank of America due to nationalisation rumours

Fears for Citigroup and Bank of America due to nationalisation rumours

US banking giant Citigroup saw its shares plummet 21% in early trading today due to rumours that the group could be nationalised. Furthermore, analysts at Bank of America issued a sell note for Citigroup, attributing to the fall in its share price. Wall Street also panicked over the financial health of Citigroup and its balance [...]

January 15, 2009 | 0 Comments More
Job losses at Barclays and Bank of America

Job losses at Barclays and Bank of America

A survey by the Confederation of British Industry (CBI) this week revealed that financial services companies are suffering record falls in profits. As a result, the CBI said job losses in the financial sector will rise sharply during the first quarter of 2009. The prediction has so far rang true after British banking giant Barclays [...]

January 13, 2009 | 0 Comments More
UK Economy: Welcome to the 1940′s

UK Economy: Welcome to the 1940′s

The UK is heading into the worst recession since 1947 according to analysts at the Bank of America and Capital Economics. Economists at the two institutions estimate that the UK’s economic output could shrink by as much as 2.5% in 2009, putting Britain into the most severe economic decline for over 60 years. The prediction [...]

December 29, 2008 | 0 Comments More
Jobs go in Merrill Lynch / BoA merger

Jobs go in Merrill Lynch / BoA merger

Last month, Merrill Lynch was quickly sold to Bank of America following the collapse of Lehman Brothers. The deal is expected to be finalised at the end of the year, however, around 500 jobs are said to be at risk as a result. Merrill’s chief executive, John Thain, said the job losses could be made [...]

October 21, 2008 | 0 Comments More
Bank of America reaches £28bn deal with Merrill Lynch

Bank of America reaches £28bn deal with Merrill Lynch

A new financial giant has been created as Bank of America confirmed it is to buy Merrill Lynch in a deal worth $50 billion (£28 billion), subject to the approval of shareholders and regulators. The deal will result in the new financial services giant involved in everything ranging from fixed-income trading to stock underwriting to [...]

September 15, 2008 | 0 Comments More