Bank of America

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 »

The nearly $17 billion that Brian Moynihan & co. will pay to make the albatross of Countrywide and Angelo Mozilo go away forever is actually closer to $12 billion, thanks to the tax-deductibility of ordinary business expenses like helping out underwater mortgageholders under duress ($7 billion) and compensatory matters ($4.63 billion). Read more »

  • 21 Aug 2014 at 11:49 AM

Pay Hike Watch ’14: Raises For Everyone (Under 25)!

Well, raises for everyone at Goldman Sachs, Morgan Stanley, and Bank of America. JP Morgan and Citi are still pondering this one. Read more »

  • 06 Aug 2014 at 1:53 PM

Bank of America Did It! Sort Of!

Mission somewhat accomplished. Read more »

Was this an act of a judge taking pity on BofA in light of the fact that it basically writes the government 9 figure checks on a weekly basis, and is probably going to write a ten figure one early next month? Unclear, but it calls for a round of celebratory drinks in Charlotte tonight. Read more »

  • 30 Jul 2014 at 12:16 PM
  • Banks

Brian Moynihan Imposing His Own Sanctions On Russia

The amount of money Bank of America stands to lose if Vladimir Putin continues to be Vladimir Putin is getting smaller and smaller every quarter. Read more »

Over at Dealbook today, you will find a story about how banks like JP Morgan and BofA are “devising low-fee banking especially for customers with troubled finances,” in spite of the fact that such products are “not expected to make the bank[s] any profit.” And while many argue that the sole motivation is to garner some good PR after doing things like foreclosing on someone who wasn’t in default and stealing her parrot, to boot, it’s nevertheless a nice thing to do. Not having much familiarity with how the other other other half lives, it took some time to figure out how to best serve the needs of these new clients, who Bank America started a sociology department to study. Read more »