Bank of America Merrill Lynch

For the most part, Bank of America chief Brian Moynihan is not the type of guy who inspires intense fan frenzy. Lloyd Blankfein has teems of people who want to pinch his adorable cheeks and carry him around in their pocket for good luck. Jamie Dimon has his groupies. But Moynihan? Not so much.

UNTIL NOW. Read more »

At the meeting, management discussed the bank’s recent $4 billion error in calculating capital needs. Chief Executive Brian Moynihan called the mistake “disappointing” and Chairman Chad Holliday said the bank’s “goal is zero errors all the time.” [Reuters via Lauren LaCapra]

Bank of America suspended a plan to buy back $4 billion of stock and boost its dividend after discovering an error in the way it calculated its capital levels…The second-largest U.S. bank by assets said it discovered the error and brought it to the attention of the Federal Reserve, which then required it to resubmit its capital plan. It has 30 days to do so. The Fed on March 26 approved Bank of America’s proposal to increase its annual dividend to five cents a common share from a penny and expand its share buybacks. The Charlotte, N.C., lender said it now plans to request less than the previously approved plan…The misvalued structured notes were debt securities issued by Merrill Lynch. When the value of the underlying companies changed, the bank failed to readjust the value of the bonds as well. [WSJ]

Like the elderly couple that has money in the bank but nevertheless scrimps and saves every last scrap of food because they lived through the depression, flashbacks to John Thain skipping board meetings to powwow with decorators to select the finest drapes and trashcans money could buy keeps Greg Fleming in check. Read more »

  • 19 Mar 2014 at 11:45 AM

Layoffs Watch ’14: Bank of America

A small number of employees will be bidding the House of Moynihan adieu today. Read more »

Joe Landes and Bobby de Groot know what we’re talking about. Read more »

  • 04 Feb 2014 at 9:15 AM

Bonus Watch ’14: Bank of America

Bank of America’s got good news if you’re a managing director in Europe and less good news if you’re a rates trader in Charlotte. Read more »