Bank of America

  • AIG, Bank of America

    BoA Securities Quits AIG

    Rather than invoking the “WTF” call, Bank of America Securities has announced that it is dropping coverage of AIG. Sayeth BoAS: The situation at this stage is binary and dependent on more political will than analyzable facts. While we see the value of the insurance operations being well excess of the parents liabilities, solving the […]

    / Sep 16, 2008 at 4:34 PM
  • Bank of America

    Merrill Lynch Transaction Not Exactly Feeling Mr. Market’s Love

    Last I checked, Bank of America’s offer was something like .8595 shares of BAC common for each share of Merrill Lynch common. Looking at BAC’s current $28.22 price, that sounds like a $24.25 per share offer. MER has been slipping steadily since after-hours trading just after the announcement had it in the mid-20s. Implied volatility […]

    / Sep 16, 2008 at 10:28 AM
  • Bank of America, Merrill Lynch

    Price of Merrill Declines As Bank Of America Share Sink

    As we predicted last night, shares of Bank of America are falling today after it announced that it was acquiring Merrill Lynch. The stock is off around 15 percent this morning. Because the acquisition of Merrill is an all stock transaction, with Merrill shareholders receiving 0.8595 shares of Bank of America for each share of […]

    / Sep 15, 2008 at 10:46 AM
  • Bank of America, Lehman

    Bank of America In Preliminary Talks For Lehman Bid

    We’ve known for most of the day that Lehman Brother has been actively shopping itself in a desperate attempt to avoid catastrophe. Now names of potential buyers are starting to come in. The Wall Street Journal is reporting that Bank of America is in talks with Lehman. Perhaps most interesting is the Journal’s reporting on […]

    / Sep 11, 2008 at 4:10 PM
  • Attorney General, Auction Rate Securities, Bank of America

    Bank Of America Agrees to Buy Back Auction Rate Securities

    Bank of America is apparently set to become the eighth bank to agree to buy auction rate securities it sold to customers. According to Reuters, Bank of America spokeswoman Shirley Norton, said BofA is “ready and willing to enter into an agreement that follows the same basic terms of previously announced settlements.” They may be […]

    / Sep 5, 2008 at 3:04 PM
  • Bank of America

    Bank of America Interns Offered No Say On Pay

    Bank of America interns are apparently being paid by the hour this year (as they were last), though this time it’s based on a 65 hour week, up from last summer’s 40. Not sure if this is punishment for not being able to eat a measly four egg McMuffins in under fifty minutes, but the […]

    / Jul 7, 2008 at 10:06 AM
  • Bank of America

    ‘Join Me, Mo Rocca, As I Dump A Load Of Banking Knowledge On Your Internets’

    Bank of America is trading up 4.5 percent and I’m pre-tay sure I know why. Why? I’ll tell you why: ’cause they just wrote down $2 billion? No. ‘Cause net income for the first quarter fell 77 percent to $1.21 billion? No. ‘Cause everyone’s so damn excited about owning Countrywide? No. (And yes.) No, people, […]

    / May 1, 2008 at 3:35 PM
  • Bank of America

    “I’m Dead Serious. From Now On, Government Issued Photo ID Required For All Applicants (Mexican Consulate Documents NOW ACCEPTED!)”

    Yesterday, Lewis spent time at the annual meeting defending the Countrywide acquisition, and telling investors that both companies would be much more prudent with underwriting future mortgages. BofA, So Good [NYP]

    / Apr 24, 2008 at 10:43 AM
  • Bank of America

    Layoffs Watch ’08: BoA

    So much for the Bank of America securities players hoping to make it to the show. Their dreams ended today in the AAA club with Charlotte layoffs announced this morning. No word on severance, though employees are apparently being handed foam fingers as they’re escorted out of the building.

    / Apr 16, 2008 at 10:23 AM
  • Bank of America

    Bank of America’s Got Work To Do

    How much fucking up can Bank of America do? About $6.5 billion worth of fucking up, apparently, minus what they’ve already done. We’re no experts, but we can’t help thinking that number sounds high. Could they really screw things up that badly on investment banking and mortgage transactions alone? Dubious. They want to justify that […]

    / Mar 24, 2008 at 11:52 AM
  • Bank of America, Eliot Spitzer

    “Kristen,” Ken Stiffed

    Bank of America’s chief executive Ken Lewis received $4.25 million in cash and $4.25 million in restricted stock for his 2007 bonus, less than half of his $18.5 million target. Know who else got screwed? Eliot Spitzer’s hooker, Kristen/Ashley. The intrepid entrepreneur was supposed to receive one million dollars to appear in a “non-nude” magazine […]

    / Mar 19, 2008 at 3:26 PM
  • Bank of America, Layoffs

    Bank of America: You’re Fired. We’d Also Like To Point Out That Moving Forward, You Will Qualify For Food Stamps

    A recently laid off BoA analyst received the following message from her former employer. I don’t know if this sort of thing is common practice, and it’s unclear whether or not the note was serious or just an attempt to crack a joke in the midst of a tough situation (self-deprecating humor about how crappy […]

    / Feb 15, 2008 at 9:57 AM
  • Bank of America

    Barely Bulge Bracket Bankers Bitten in the Bonus by BoA*

    From the e-mail bag: “…equity sales received 20% of their expected commissions for 4q07, everyone super-pissed and polishing CVs. Also, people with guarantees who were laid off received only $5k due to an out clause in the employment contracts.” *Apparently a gaggle of conspiracy theorists take pains to label Bank of America “BoA” (rather than […]

    / Feb 5, 2008 at 3:43 PM
  • Bank of America, Countrywide

    Hedge Fund Wants To Block Countrywide Deal

    Is Bank of America’s acquisition of Countrywide in trouble? You wouldn’t think so if you’re looking at the spread between where the shares of the two companies are trading. The spread between the shares and the offering price has narrowed dramatically in the last few days, from a high of nearly 25% to the current […]

    / Jan 31, 2008 at 12:51 PM
  • Bank of America, Layoffs

    Bank of America Layoffs Begin

    Layoffs have begun to hit Bank of America. On yesterday’s earnings call, Bank of America’s chief financial officer said that the bank is planning layoffs in its corporate and investment-banking unit. Now we are hearing reports from a variety of sources that the layoffs are underway. Last week, Bank of America announced it would cut […]

    / Jan 23, 2008 at 11:53 AM
  • Bank of America, Countrywide

    Watching The Countrywide Spreads

    Merger arbitrageurs were widely expected to be even more concerned about Bank of America’s plan to buy Countrywide Financial yesterday but, surprisingly, they seem to have become more confident. In early morning trading yesterday, Bank of America stock slid 6 percent and Countrywide fell 12 percent. As both stocks hit their lows for the day […]

    / Jan 23, 2008 at 8:30 AM
  • Bank of America, Countrywide

    Would You Buy Countrywide?

    We’ve been talking to our sources at Bank of America (a rapidly dwindling pool of investment bankers who have begun to carry their resumes with them at all times), trying to figure out what the business rationale for buying Countrywide might be. The best answer we’ve heard is that the deal reduces Countrywide’s cost of […]

    / Jan 11, 2008 at 9:23 AM
  • Bank of America, Citadel

    Would You Make Citadel Your Prime Broker?

    Citadel is often described as an investment bank masquerading as a hedge fund. And it looks like it may be moving even further in the direction of becoming a full-fledged investment bank. This morning Roddy Boyd and Zach Kouwe report for the New York Post that Citadel is in talks to buy Bank of America’s […]

    / Dec 20, 2007 at 11:50 AM
  • Bank of America

    Bank of America: Closing Funds But Not Freezing Redemptions

    A quick follow-up to this morning’s story about the Columbia asset management fund. It is saying that it is closing its enhanced, private-placement money-market fund but that investors are being offered the option of cash redemptions or of switching their assets into other Columbia-managed funds. Because what are the odds that two funds would go […]

    / Dec 10, 2007 at 4:05 PM
  • Bank of America

    Bank of America Money Market Fund Frozen

    CNBC online editor Charlie Gasparino is reporting that his sources tell him that that Bank of American has frozen a money market fund tailored towards institutional investors. The fund is called the Colombia Strategic Cash Portfolio. Apparently Bank of America has sent a letter to investors notifying them that the fund will no longer take […]

    / Dec 10, 2007 at 11:28 AM
  • Bank of America, Citigroup, parties, SAC Capital

    Stevie Cohen Making Us Jump Through Hoops To Score Female Hormone Pills

    Tonight’s parties are Citi at Paramount Bar (6 pm), BNP Paribas at South Street Seaport (7 pm), Jay Goldman & Co. (7:30 pm) at Del Posto, and Choice Energy at Bruno Jamais (5:30 pm) but WAY MORE IMPORTANTLY: SAC Capital in a tent behind the Stamford headquarters. We really feel like we should go but […]

    / Dec 6, 2007 at 12:25 PM
  • Bank of America, Citigroup

    How DARE You

    We might give Citigroup a lot of shit for being the world’s crappiest bank but that’s just our way of showing affection. Because in truth, most days we really love Citi, today being no exception. Even though it has no CEO, no wiling candidates for CEO, no money, no women, no prospects, no action and […]

    / Nov 28, 2007 at 10:47 AM
  • Bank of America

    A Very Special Opportunity: Bank Of America Wants YOU To Guess How Much Money It’s Going To Lose

    “Not so fast,” Bank of America said today to a bunch of analysts, who were hilariously projecting that the bank will earn $1.12/share in the fourth quarter, when it announced a $3 billion pretax loss stemming from standing in front of collateralized debt obligations for too long. Chief Financial Officer Joe Price cautioned that while […]

    / Nov 13, 2007 at 1:20 PM
  • Bank of America

    Are We Having Fun Yet? Ken Lewis Says Yes

    He may be in charge of the firm who’s investment banking unit recently reported a 93 percent decline for the third quarter and a 32 percent decrease in overall net income, but Ken Lewis still cannot claim the title of biggest fuck up on Wall Street and for that, he deserves a prize—the finest E […]

    / Nov 1, 2007 at 3:40 PM
  • Bank of America

    Even Banc of America Securities Exec Doesn’t Want To Be Associated With Banc Of America Securities

    Christopher Pesce, the global head of prime brokerage at BoA Securities, has apparently quit his job for greener pastures. We don’t know which pastures, just that they’re better. Since he’s coming from Banc of America, there are almost too many to choose from. Perhaps the minions he was instrumental in getting fired might know of […]

    / Oct 30, 2007 at 1:59 PM
  • Bank of America

    BoA Begins The Bloodletting

    500 laid off from structured finance and investment banking today. Severance has been paid, but no numbers on how much yet. We’re going to go out on a limb and say more than Bear Stearns. Prove us right (or wrong, though that’s highly unlikely).

    / Oct 29, 2007 at 5:00 PM
  • Bank of America

    Bank of America’s Outrageous Claims

    Kinkos Employee, Who Heard About BoA’s Third Quarter: You want me to print up some new materials to more accurately reflect your position in the i-banking game? “Best Global Bank” is kind of misleading. And “opportunities”? That’s just an outright lie. BoA Head of On-Campus Recruiting: No, Kinkos Employee, it’s neither misleading nor a lie. […]

    / Oct 25, 2007 at 3:00 PM

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