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

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