Bank of America Merrill Lynch

Earlier this month, Bank of America and the U.S. announced a landmark settlement wherein the bank agreed to pay $16.65 billion to settle allegations re: some not great mortgage securities it sold back in the day. Many an article was written about how this was the last bit of legal messiness BofA had to get through before it could turn its attention back to whatever it is it does when it’s not negotiating multi-billion dollar fines, which it’s done a lot over the past several years. And sure, this was probably the last 10-figure check Brian Moynihan will have to write for a while, but surely there will be other, smaller, mere multi-million dollar lawsuits that pop up along the way, to say nothing of all the other banks’ outstanding suits and other stuff coming down the pipeline we don’t yet know about. Barclays, for example, is gonna want to put that dark pool stuff behind it, as will Credit Suisse, UBS, and Deutsche Bank, should anything come of their investigations. Point is, the era of banks coughing up money to settle wrondoing on the regular is far from over, and inspired by what appears to be a new column at the Journal called “Crystal Ball,” today we’d like to introduce, “You Write The Story,” which, when the appropriate time comes, will go something like this: Read more »

Banks are said to have made their best offers this week. Read more »

  • 06 Aug 2014 at 1:53 PM

Bank of America Did It! Sort Of!

Mission somewhat accomplished. Read more »

To be fair, the Justice Department hasn’t actually thrown out that figure, but it did scoff at Brian Moynhian’s offer of $13 billion, so. Read more »

Gone are the days of working until 2AM on an assignment. Staying only until midnight will be the new and exciting way of doing things. Read more »

So, that’s something. Read more »

Earlier this week, we learned that Bank of America has a number of very unhappy ex-Merrill Lynch brokers on it hands. Their beef? New business cards that feature a slightly smaller bull than in times past, an obvious affront, as they see it, to the Merrill brand. While no formal demands have been made, it’s clear that in order to be made happy, the former Mother Merrill employees will need to see the bull reinstated to its former size and glory. And, sure, an apology from Bank of America brass for the lack of respect would be nice. At this time, CEO Brian Moynihan is yet to make a formal statement regarding the redesigned cards, but rank-and-file BofA-ers, at least those with access to MS Paint, have sent a message that they are less than sympathetic. Read more »