Bank of America

Nearly $760 Billion in Credit Extended Since TARP Investment Began

CHARLOTTE, N.C., Nov. 9 -- Today, Bank of America issued its third quarterly Lending & Investing Initiative report, which outlines the company's progress in driving economic recovery through 10 key areas, including lending to consumers and businesses of all sizes, support for municipalities and nonprofits, community development and other initiatives.

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The report, which delivers on a commitment to provide greater transparency into the company's lending and investing efforts across the enterprise, demonstrates how Bank of America is using the government's investment in the company to support the U.S. economy.    » read more »

Congressman joins colleagues in urging bailed out Wall Street firms to stop taking advantage of responsible customers

WASHINGTON, Oct 30 - Today Congressman Mark Schauer (D-MI) co-sponsored the Credit Card Rate Freeze Act, legislation that would immediately freeze interest rates on consumer credit card accounts ahead of federal credit card reform legislation slated to go into effect early next year.

Earlier this week, Schauer joined 45 of his House colleagues in sending a letter to the CEOs of Bank of America and Citigroup, which together have received $45 billion in federal bailout funds, urging them to reconsider their decision to charge new credit card fees on customers in good standing.    » read more »

October 29, 2009 -- WASHINGTON, DC - U.S. Rep. Michael Arcuri (NY-24) called on the CEOs of Bank of America and Citigroup to end the unreasonable new credit card interest rates and fees that the two banks are allegedly going to be charging consumers for not carrying a consistent balance on their credit card.

"To see two companies that came before Congress only a year ago and asked for federal funding to save their banks and gouge the consumer is despicable," Arcuri said, "The American people have done more than their fair share to rescue our country from this economic downturn and it is time for these banks to recognize that they are in the business of customer service and are not set up to prey on the consumer, but rather help them succeed."    » read more »

Company Continues Momentum in Comprehensive Effort to Help Struggling Homeowners

CALABASAS, Calif., Oct. 29 -- Bank of America announced today it has surpassed its previously stated target of helping at least 125,000 financially distressed homeowners begin trial modifications through the federal government's Home Affordable Modification Program (HAMP) by November 1.

Bank of America has initiated nearly one in five HAMP trial modifications industrywide since the company began participating in the program in April. Since beginning its HAMP outreach efforts, the bank's homeownership retention division has contacted nearly 600,000 potentially eligible homeowners to ascertain their interest in HAMP and has extended more than 200,000 offers of trial modifications under the program.    » read more »

Approximately $2.6 Billion in Writedowns From Improvement in Company Credit Spreads; Terminating Government Guarantee Term Sheet Costs $402 Million

CHARLOTTE, N.C., Oct. 16 -- Bank of America Corporation (NYSE: BAC) today reported a third-quarter 2009 net loss of $1.0 billion. After deducting preferred dividends of $1.2 billion, including $893 million related to dividends paid to the U.S. government, the diluted loss per share was $0.26.

Those results compared with net income of $1.2 billion, or diluted earnings per share of $0.15, during the year-ago period.

Through the first nine months of the year, the company had net income of $6.5 billion, or $0.39 per share after preferred dividends, compared with $5.8 billion, or $1.09 per share a year earlier.    » read more »

Double-Dip Recession Fears Fade; Investors See Brighter Corporate Profits on Horizon - Shift from Cash to Equities

NEW YORK and LONDON, Oct. 14 -- Investors' risk appetite has reached its highest point in more than three years amid continued optimism about the prospects for a global economic recovery and rising corporate profits, according to the BofA Merrill Lynch Survey of Fund Managers for October.

Investors are increasingly confident that the threat of a double-dip recession is waning. A net 65 percent of respondents believe a global recession is unlikely in the next 12 months, up from 47 percent a month earlier. A net 72 percent of respondents believe the outlook for corporate profits will improve in the next year, up from 68 percent a month earlier.    » read more »

Average Net Worth of Hong Kong HNWIs Remains Highest in the Region

NEW YORK, Oct. 13 -- Asia Pacific's population of high net worth individuals (HNWIs)(1) fell 14.2% to 2.4 million in 2008 amid a global economic downturn and market volatility, according to the Asia-Pacific Wealth Report released today by Merrill Lynch Global Wealth Management and Capgemini. The combined wealth of the region's HNWIs dropped 22.3% to US$7.4 trillion.

Ultra-HNWIs, or individuals with investable assets of at least US$30 million, witnessed steeper wealth erosion than the HNWI population in the region. The number of ultra-HNWIs in Asia Pacific fell 29.6% to 14,300 and their total wealth shrank 35.1%.

China and India to Lead Growth in Asia Pacific HNWI Wealth    » read more »

Lewis Departure Follows Year-Long SEIU-Sponsored Taxpayer, Bank Worker, Shareholder Revolt and Campaign to Reveal Failed Policies

October 1, 2009 -- WASHINGTON, DC--Following the news of Bank of America CEO Ken Lewis' planned retirement, the Service Employees International Union (SEIU) continued its efforts to bring change to the banking industry by releasing a detailed record of Lewis' failed leadership.

"Ken Lewis is the poster boy for a financial industry fueled by reckless lending practices, platinum bonuses, and a disregard for workers and our economy," said SEIU Secretary-Treasurer Anna Burger. "The Ken Lewis banking model continues drive up big bank profits while causing millions of Americans to lose their jobs, their homes, and their retirement savings."    » read more »

CHARLOTTE, N.C., Oct. 2 -- Bank of America Corporation today said the Board of Directors has authorized approximately $713 million in dividend payments to the U.S. government under the Troubled Asset Relief Program (TARP). The company this year has paid the government $1.83 billion in TARP dividends through September 30.

Dividends related to the government's investment in the company under TARP include the following:    » read more »

To Conclude Forty Years with Bank of America December 31, 2009

CHARLOTTE, N.C., Sept. 30 -- Ken Lewis, chief executive officer and president, announced today that he has notified the Board of Directors of his decision to retire, effective December 31, 2009. The Board will continue ongoing planning to ensure his successor is selected by that date. Lewis will retire as CEO and as a director.

"Bank of America is well positioned to meet the continuing challenges of the economy and markets," said Lewis. "I am particularly heartened by the results that are emerging from the decisions and initiatives of the difficult past year-and-a-half."    » read more »

CHARLOTTE, N.C., Sept. 15 -- Bank of America Chief Executive Officer Ken Lewis issued the following comments regarding President Barack Obama's September 14 speech regarding financial regulatory reform.

"A year ago this week, the U.S. economy was on the brink of disaster. Large and important financial institutions were failing, as was confidence in our financial system. Clearly, the actions taken by the federal government, in the previous and current administrations, effectively stabilized our financial system.    » read more »

Questions over Imbalances in Early Stages of Recovery

NEW YORK and LONDON, Aug. 19 -- Investor optimism about the global economy has soared to its highest level in nearly six years, with portfolio managers putting their cash back into equity markets, according to the Merrill Lynch Survey of Fund Managers for August.

A net 75 percent of survey respondents believe the world economy will strengthen in the coming 12 months, the highest reading since November 2003 and up from 63 percent in July. Confidence about corporate health is at its highest since January 2004. A net 70 percent of the panel respondents expect global corporate profits to rise in the coming year, up from 51 percent last month.    » read more »

CHARLOTTE, N.C., June 23 -- Bank of America Corporation today announced the common stock average price of $12.7048 for its offers to exchange up to 200 million shares of common stock for outstanding depositary shares for each series of preferred stock listed below. The exchange offer consists of separate offers for depositary shares representing each series of the preferred stock listed below.    » read more »

CHARLOTTE, N.C., June 19 -- Bank of America Corporation today announced the Board of Directors authorized a regular quarterly dividend of $18.1250 per share on the 7.25 percent Non-Cumulative Perpetual Convertible Preferred Stock, Series L.

The dividend is payable on July 30, 2009 to shareholders of record as of July 1, 2009.

Source: Bank of America

Merrill Lynch Fund Manager Survey Finds Economic Recovery Remains on Track Despite Bond Market Sell-Off; Investors ruling out “double-dip” recession as they embrace equities

NEW YORK AND LONDON – The upturn in global investor sentiment has withstood the recent large sell-off in bonds, according to the Merrill Lynch Survey of Fund Managers for June. Investors have expressed confidence in global economic recovery and, broadly, in the equity markets, in spite of their fears the sell-off would damage sentiment. The yield on 10-year U.S. Treasuries rose to 3.85 percent from 3.09 percent between the May and June surveys.    » read more »