Bank of America Merrill Lynch

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 »

As many of you will recall, back in 2008, then Bank of America CEO Ken Lewis agreed to buy Merrill Lynch. While it wasn’t a Countrywide-level disaster of an acquisition (i.e. a bomb that’s never stopped going off), it wasn’t Lewis’s best laid plan, which is why he actually tried to get out of the deal at the 11th hour, only to be told by former Fed Chair Hank Paulson that if he wanted to keep his legs, he’d go through with it. The merger didn’t sit right with a large contingent of Merrill brokers, but they chose to go along with it for the greater good. Still, they made a solemn swear to each other that they’d fight even the smallest perceived slight to their brand and five plus years after the deal went through, they’ve kept their word. Read more »

Back in January, Bank of America did something radical. Something so wild that it had to be seen to believed. It told junior bankers to only work two full weekends a month. Now that enough time has passed for that to sink in, management is back with another drastic move affecting company youth. Read more »

  • 27 May 2014 at 12:59 PM

Bank Of America Is Gonna Try This One Again

Bank of America Corp. said Tuesday that it had resubmitted its smaller stress-test capital plan to the Federal Reserve. The announcement is the latest step as the bank navigates the aftermath of a $4 billion capital error it disclosed last month. The error, disclosed April 28, forced the bank to suspend its plans for returning capital to shareholders, and the Fed had given it until Tuesday to submit a new plan. [WSJ]

Bank of America Corp. Chief Financial Officer Bruce Thompson provided few details Wednesday on the capital miscalculation that last month forced the bank to suspend its plans to raise its dividend…Asked by Barclays analyst Jason Goldberg how the error had happened, or how it might color the Federal Reserve’s view of the bank, Mr. Thompson repeated points the bank has made for the past two and a half weeks: The error didn’t affect earnings, was discovered internally, and was reported promptly to regulators. The error resulted in the bank’s capital ratios being lower than previously thought, though the ratios are still higher than regulatory standards. Mr. Thompson said Wednesday that “we need to get back on track with respect to the progress we’ve made” on the capital ratio. He said the bank would “get back to doing a great job” on the stress test process and share buybacks. [WSJ]