Bank of America

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 »

Back in 2012, Bank of America branch manager Aurora Barrera was in need of a vacation. She knew a week or two would be nice, but what would be better was the kind where she never had to come back, though continued to get paid. Since HR probably wouldn’t approve of the proposal, she had to figure out something slightly more creative, which in the end involve first robbing her place of business:

Aurora Barrera, 33, of Downey, California, helped plan the theft at a Bank of America Corp. branch where she was an assistant manager, the California Department of Insurance said yesterday in a statement.

…and second, strapping on a pair of cojones the likes of which Bank of America had never seen, and doing this: 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 »

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 »