Tag Archives: Bank Of America

Bank of America $60 billion – Bank of America seems to have got into a lot of trouble and it could be penalized with $60 billion over lawsuits related to mortgage-backed securities which includes 530 mortgage truts sold by Countrywide. The Motley Fool website’s Amanda Alix writes that some analysts have speculated that the loss would be attributed to a ... Read More »

Bank of America has reported a second straight quarterly loss, driven by a $2bn (£1.25bn) writedown of its mortgage business. The bank announced a net loss of $1.2bn in the last three months of 2010, compared with a $5.2bn loss a year ago. However, last year’s results included a $4bn charge related to the government’s Troubled Asset Relief Program (Tarp). ... Read More »

Bank of America’s website has been down most of the morning and there’s no sign of any progress towards restoring the site. The bank is responding to users about the problem on Twitter via @BofA_Help. The website hasn’t been responding for about 6 hours for some users. A BofA spokeswoman has said the problems began for the bank’s website at ... Read More »

Ken Lewis, the embattled CEO of Bank of America Corp., is leaving the company, succumbing to nearly a year of strife that followed his company’s acquisition of Merrill Lynch & Co. The bank, the nation’s largest by assets, said Wednesday that Lewis, 62, decided on his own to leave and would retire as CEO and also leave the company’s board ... Read More »