Bank Of America | featured news

So begins the tricky process of rolling out stress test results. The dance starts with a leak to the WSJ. Word is that the Federal Reserve has told Citigroup (C) and Bank of America (BAC) that they'll both need to raise billions more in order to be adequately capitalized. Neither is a huge surprise.

Can Kenneth D. Lewis hold on at Bank of America? The answer to that question, much anticipated on Wall Street, is expected to arrive Wednesday, when Bank of America shareholders are to vote on whether Mr. Lewis, the bank's the embattled chairman and chief executive, will remain on the board.

Federal Reserve Chairman Ben Bernanke and then-Treasury Department chief Henry Paulson pressured Bank of America Corp. to not discuss its increasingly troubled plan to buy Merrill Lynch & Co. -- a deal that later triggered a government bailout of BofA -- according to testimony by Kenneth Lewis, the bank's chief executive.

Despite better-than-expected profit at Bank of America, U.S. stocks slid lower in early trading as investors worried about earnings at non-financial companies.

The bank reported that its first-quarter net income more than tripled, to $4.2 billion, largely beating analyst expectations.

Two influential investor advisory groups sharply rebuked Bank of America Corp Chief Executive Kenneth Lewis over his handling of the buyout of ailing Merrill Lynch & Co, recommending he be thrown off the bank's board at its upcoming annual meeting.

Bank of America Corp and Citigroup Inc shares have roughly tripled from multi-decade lows set less than a month ago, and powered higher on Wednesday on speculation their recent punishing declines might have been too severe.

Bank of America CEO Ken Lewis is about to come under serious scrutiny by Congress.

The New York Attorney General's office has subpoenaed Bank of America to submit a list of employees who got bonuses and the amounts that the employees received, a spokesman for the New York Attorney General said on Thursday.

New York's attorney general is moving to force former Merrill CEO John Thain to discuss details about bonuses paid to employees before the company was sold to Bank of America.