Bank of America

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Merrill Boss Seeks $10M Bonus

Directors unlikely to comply given public sentiment

(Newser) - Merrill Lynch narrowly escaped extinction this fall, and CEO John Thain is seeking an end-of-year bonus of as much as $10 million for keeping the company alive, reports the Wall Street Journal. Merrill's board of directors—acutely aware of public scrutiny—appear unlikely to fork over that kind of package...

Laid-Off Workers Refuse to Leave Chicago Factory

Chicago plant employees stage a sit-in demanding severance and vacation pay

(Newser) - Laid-off workers at a Chicago window manufacturing company are taking matters into their own hands, staging a sit-in at their former plant to demand severance and vacation pay, reports the Chicago Tribune. Union members have been occupying the plant in shifts since the news—given only three days earlier—that...

Morgan Stanley Eyes Smaller Fish to Boost Banking Cred

After converting from investment bank, company targets growth in deposits

(Newser) - Just months after converting from an investment firm into a bank-holding company, Morgan Stanley is already one of the top 50 US banks in terms of deposits, the Wall Street Journal reports—and is looking to acquire regional banks that will speed its climb. Analysts say it’s unlikely Morgan...

Consumers May See 45% Cut in Available Credit

Lower credit-card limits are coming just as job losses soar

(Newser) - Americans already struggling with tight credit are in for another blow: banks may cut available credit card lines up to 45% over the next 18 months, reducing available credit by some $2 trillion, reports Reuters. Home equity and credit card limits already are lower than in the second quarter, an...

Dow Up 397 on Positive News
 Dow Up 397 on Positive News 
MARKETS
Nov 24, 2008 3:22 PM CST

Dow Up 397 on Positive News

Financials lead as government moves to help banking giant

(Newser) - Stocks rallied today in a vote of confidence for the $326 billion Citibank rescue plan and Barack Obama’s team of economic advisers, MarketWatch reports. Combined with Friday's surge, the rally was the largest 2-day jump in over 20 years. The Dow rose 396.97 points to close at 8,...

Bank of America Doubles Stake in Chinese Bank

Shells out $7B while slashing jobs, taking bailout funds

(Newser) - Bank of America will inject $7 billion into China Construction Bank Corp, Bloomberg reports, nearly doubling its stake in the bank even as it slashes jobs and accepts government bailout money. CCB is down 45% over the past six months, and BoA CEO Ken Lewis is getting a 32% premium...

Citi to Aid Homeowners by Modifying $20B in Mortgages

The bank will amend mortgages to assist 130,000 borrowers

(Newser) - Citigroup will modify up to $20 billion in mortgages for borrowers current on their payments but at risk of falling behind, the bank announced this morning, mirroring similar moves by Bank of America and JPMorgan Chase. Citi will reach out to half a million borrowers, ultimately reducing monthly payments for...

A $250B Offer They Couldn't Refuse
A $250B Offer They Couldn't Refuse
Oct 15, 2008 7:47 AM CDT

A $250B Offer They Couldn't Refuse

In brief meeting, Paulson gave banks a 'take it or take it' deal

(Newser) - When the CEOs of America's 9 largest banks arrived at the Treasury at 3pm Monday afternoon, they each received a draft one-page statement promising to sell shares to the government. By 6:30 they'd all signed them. The New York Times reconstructs the meeting, during which Henry Paulson wore down...

Rally Fizzles to Mild Losses
 Rally Fizzles to Mild Losses 
MARKETS
Oct 14, 2008 3:20 PM CDT

Rally Fizzles to Mild Losses

Traders worry non-financial stocks may still feel recession's bite

(Newser) - Stocks closed lower today after an earlier rally died down as worries about consumer-discretionary and tech stocks overcame investors’ faith in global actions to quell the credit crisis, the Wall Street Journal reports. The Dow, up nearly 400 early, ended off 76.62, to 9,310.99. The Nasdaq, especially...

It Hasn't Been This Bad Since 1937

Stocks stuck in a 'downward spiral of fear;' no end in sight

(Newser) - With investors unconvinced the government’s $700 billion bailout or the Fed’s new plan to buy commercial paper will thaw frozen credit markets, markets remained trapped in “a downward spiral of fear,” reports BusinessWeek. The Dow’s 29% loss this year is its worst since 1937’s...

BofA Settles Loan Lawsuits With $8.4B Aid to Borrowers

400,000 homeowners who borrowed from Countrywide could see relief

(Newser) - Some 400,000 borrowers with subprime and adjustable-rate mortgages from Countrywide Financial are in line to receive a share of an $8.4-billion settlement in a suit over deceptive loan practices, reports the Wall Street Journal. The deal between Bank of America, which acquired Countrywide July 1, and several state...

Crisis Leaves Goldman Nearly Unruffled
Crisis Leaves Goldman Nearly Unruffled
OPINION
Oct 2, 2008 4:08 PM CDT

Crisis Leaves Goldman Nearly Unruffled

Being ahead of curve, having friends in high places pays dividends

(Newser) - With the US financial inferno taking down most of the big investment banks, Goldman Sachs is set to emerge “essentially the same institution,” David Weidner writes in MarketWatch, stronger than it was before and with the same powerful array of friends in high places who, intentionally or otherwise,...

Robber Flees Wash. Cops on Inner Tube

Craigslist may have been used to solicit decoys

(Newser) - A crafty robber escaped on an inner-tube this morning after pepper-spraying an armored-car guard outside a bank in Monroe, Wash., the Seattle Times reports. The thief may also have used Craigslist to solicit unwitting decoys, asking them to show up near the scene in attire like his. It was a...

New Wall Street: Less Risk, Less Innovation, Lower Pay

Era of investment banks ends

(Newser) - When Goldman Sachs and Morgan Stanley ditched the investment banking model, it didn’t just mark the end of an era, it marked the end of Wall Street as we know it, the Wall Street Journal declares in an editorial today. And with investment banks gone, the US financial system...

Stocks Rally, End Week Mixed
 Stocks Rally, End Week Mixed 
MARKETS
Sep 19, 2008 3:44 PM CDT

Stocks Rally, End Week Mixed

Bailout plan reassures investors

(Newser) - Stocks continued to rally today, gaining enough on news of the government’s plan to form a debt relief agency for financial firms that the week's last two sessions saw the markets almost overcome the week’s earlier losses, MarketWatch reports. The Dow gained 368.75 to close at 11,...

Who's Who: The Players Remaking Wall St.

(Newser) - The financial world has been rocked to its foundations in a few short days, with a handful of men making momentous decisions. The Wall Street Journal outlines the key players.
  • Henry Paulson. No Treasury chief has wielded such power. He decides whether big firms live or die via federal bailouts.
...

Morgan Stanley, WaMu Edge Closer to Deals

WaMu readies for sale while Morgan mulls merger options

(Newser) - Two of the biggest financial institutions in the midst of the market turmoil are moving closer to hammering out deals. Washington Mutual's suitors are believed to include Citibank, JP Morgan and Bank of America, insiders tell Bloomberg, while Morgan Stanley and Wachovia have stepped up merger talks, reports the New ...

Bank of America CEO Lands His Biggest Fish Yet
Bank of America CEO Lands His Biggest Fish Yet
ANALYSIS
Sep 15, 2008 10:29 AM CDT

Bank of America CEO Lands His Biggest Fish Yet

Merrill bid puts bold Lewis over $150B in acquisitions

(Newser) - Like predecessor Hugh McColl, Bank of America CEO Kenneth Lewis loves enormous deals. His 7-year reign has seen flashy conquests adding up to more than $150 billion, but never has he bagged a bigger trophy than Merrill Lynch, Reuters reports. The deal should fulfill Lewis’ oft-frustrated ambition to make BofA,...

Lehman Files Biggest Chapter 11 Ever

Bankruptcy sends shockwaves through financial world

(Newser) - Lehman Brothers gasped its last breath this morning, filing for Chapter 11 protection in Manhattan under a crushing $613 billion in debt, the largest—and potentially most frightening—bankruptcy in US history, reports Bloomberg. Experts say the filing is likely to trigger a domino effect in the US economy.

Still Standing, Morgan Stanley, Goldman Face Bleak Times

Survivors will need to belatedly downsize

(Newser) - With Bank of America buying Merrill Lynch, and Lehman brothers heading into Chapter 11, Goldman Sachs and Morgan Stanley are the last major independent investment banks standing on Wall Street. But having survived as the fittest doesn't guarantee an easy ride, reports the Wall Street Journal, as both will have...

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