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BofA seeking buyer for First Republic
Bank of America Corp. is looking to sell First Republic Bank, a private bank it inherited from Merrill Lynch & Co., according to a report by the Wall Street Journal.
Musical chairs at Columbia Funds
Columbia Management Group LLC recently changed portfolio managers at 20 teams that manage more than 55 mutual funds.
Cuomo acts against Merrill Lynch
New York State Attorney General Andrew Cuomo will file an order against John Thain later today to force the former Merrill Lynch CEO to disclose detailed information about the $3.6 billion in bonuses the firm awarded employees before the end of last year.
Researcher slams Citi, McGraw-Hill and Merrill boards
Citigroup Inc., The McGraw-Hill Cos. and Merrill Lynch & Co. Inc. had directors who sat on too many other corporate boards and who received an unusually high percentage of disapproval votes from shareholders, a research firm said today.
BofA’s Lewis receives subpoena from NY attorney general
Bank of America Corp. Chief Executive Ken Lewis has received a subpoena from the New York state attorney general's office in connection with Merrill Lynch's payment of employee bonuses before the companies combined on Jan. 1.
Treasury survey: Lending flat despite bailout
Banks that received money from the federal government’s bailout program did not increase their lending activity, according to a survey of lending activity.
Cuomo to subpoena BofA, Merrill Lynch execs
New York Attorney General Andrew Cuomo may subpoena more executives from Bank of America Corp. and Merrill Lynch & Co. Inc.
BofA misled 401(k) participants, suit claims
Bank of America Corp. employees this week filed a class action against their employer and other 401(k) plan fiduciaries.
Thain to foot $1.2 million redecoration tab
Former Merrill Lynch & Co. Inc. chief executive John Thain will reimburse Bank of America Corp. for the $1.2 million he spent renovating his New York office last year, the Wall Street veteran wrote in a farewell memorandum to employees.
Thain to walk away with ‘modest’ $1.5M
John Thain, whose month-long stint as the president of global banking and wealth management at Bank of America Corp. came to a an abrupt end yesterday, will not be walking away entirely empty-handed from the firm — even though he won't be collecting any major severance or golden-parachute packages.
BofA names Moynihan to replace Thain
Bank of America Corp. this afternoon announced that Brian Moynihan has been named president of Global Banking and Global Wealth and Investment Management.
Thain shown the door at BofA
Less than a month after Merrill Lynch & Co. Inc. was acquired by Bank of America Corp., former Merrill chief executive John Thain has agreed to resign from the newly merged financial services giant.
Report: Major BofA layoffs expected this week
Bank of America Corp. is expected to start cutting thousands of employees in its capital market businesses this week, Financial Times reported today, citing executives familiar with the matter.
Brokers land in the rough
Morgan Stanley and Bank of America are upping the ante to create the largest brokerages in the nation, even as individual investors head for the exits.
$20B lifeline to BofA won’t affect retention plans
The fact that the federal government is infusing another $20 billion into Bank of America Corp. will not alter retention package plans for thousands of Merrill Lynch brokers, said a srouce with knowledge of the deal, who asked not to be identified.
Embattled BofA takes fourth-quarter beating
Bank of America Corp. suffered its first quarterly loss in 17 years due to escalating credit costs, write-downs of $10.47 billion and trading losses in its capital markets businesses.
BofA derivatives specialists sue for overtime
Two Bank of America Corp. derivatives specialists have filed a lawsuit against the company in an attempt to recoup money that the workers claim they are owed for putting in significant overtime hours.
Merrill European vet to leave BofA
With Bank of America Corp.’s acquisition of Merrill Lynch & Co. Inc. complete, veteran Merrill European markets executive Brent Clapacs will leave the company.
BofA chief just says no to bonus
Bank of America Corp. chief executive and chairman Kenneth Lewis is recommending that he and his leadership team forgo bonuses for last year, The Wall Street Journal reported today, citing an internal memo.
Merrill to lay off 400 trainees
Merrill Lynch & Co. Inc. is laying off close to 400 brokers in its training program, the firm announced this week amid criticism that its new owner, Bank of America Corp., is overlooking up-and-coming brokers.
